Savings Goal Calculator
Find out exactly how long it will take to reach your savings goal with monthly contributions and compound interest.
Adjust your monthly contribution with the slider to see how saving more (or less) changes your timeline.
Enter Your Savings Details
Typical savings account: 0.5-5%. Index fund average: 7-10%.
Time to Reach Goal
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Total Contributions
$0
Interest Earned
$0
Contributions vs Interest
Month-by-Month Breakdown
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How to Reach Your Savings Goal Faster
Whether you're saving for an emergency fund, a down payment on a house, a dream vacation, or retirement, having a clear savings plan is the key to success. This calculator shows you exactly how long it will take and how compound interest helps you get there.
The Power of Compound Interest
Compound interest means you earn interest on your interest. Even at modest return rates, this effect accelerates your savings dramatically over time. The earlier you start, the more compound interest works in your favor.
Automate Your Savings
Set up automatic transfers to your savings account on payday. When saving is automatic, you remove the temptation to spend the money. "Pay yourself first" is one of the most effective personal finance strategies.
Choose the Right Account
High-yield savings accounts (HYSAs) currently offer 4-5% APY — far more than traditional banks at 0.01-0.5%. For longer-term goals, consider index funds which historically average 7-10% annual returns.
Pro Tip: Use the slider above to see how even small increases in your monthly contribution can shave months or years off your savings timeline. An extra $50/month can make a bigger difference than you think!
Savings Goal FAQ
How much should I save each month?
A common guideline is to save at least 20% of your after-tax income (the 50/30/20 rule). However, the right amount depends on your goals, timeline, and expenses. Use this calculator to find a monthly contribution that works for your specific goal.
What return rate should I use?
For a high-yield savings account, use 4-5%. For a conservative investment portfolio, use 5-6%. For an index fund portfolio, the historical average is 7-10% before inflation. Use a lower rate for more conservative estimates.
How long does it take to save $10,000?
At $500/month with no interest, it takes 20 months. With a 5% annual return, it takes about 19 months. At $300/month with 5% return, it takes about 31 months. Use the calculator above to find your exact timeline.
Should I pay off debt or save?
Generally, build a small emergency fund ($1,000) first, then pay off high-interest debt (above 7-8%), then build your full emergency fund and save for other goals. The right approach depends on your interest rates and financial situation.
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