Savings Goal Calculator
Find out how long it takes to reach a savings goal with monthly contributions and interest.
How the savings goal calculation works
The calculator uses the future value of an annuity formula to find the number of months needed. It accounts for interest compounding monthly on both your existing savings and each new contribution. The higher your interest rate, the fewer months you need — because compound interest is doing some of the work for you. Set the interest rate to 0% for a simple no-interest savings plan.
Frequently asked questions
What interest rate should I use?
Use the annual interest rate from your savings account, money market account, or investment vehicle. High-yield savings accounts in 2024–2025 offer around 4–5% APY. A standard current or checking account pays near 0%. Index fund investments historically average around 7–10% annually but with volatility and risk not present in savings accounts.
What if I want to know how much to save each month?
Adjust the monthly contribution field and watch the time-to-goal change. You can also work backwards: try different monthly amounts until the time matches your deadline. For example, if you need $10,000 in 24 months, increase the monthly contribution until the result shows 24 months or fewer.
Does this account for inflation?
No — it uses nominal figures. To account for inflation, subtract the expected inflation rate from your interest rate to get the real rate. For example, if your savings account pays 4% but inflation is 3%, use a real rate of 1%. This gives the time to reach your goal in today's purchasing power.
