Money & Finance
Savings Goal Calculator
Work out how long a savings goal takes at your monthly pace, or how much you need to set aside each month to hit a date.
How it works
Behind the numbers
Enter the target amount, what you have saved, the monthly contribution, and the annual yield. The calculator grows the balance month by month: each month it adds that month's interest to the balance, then adds your contribution. The 'how long' mode counts months until the balance reaches the target; the 'monthly amount' mode solves the same math in reverse for a timeline you pick.
The inflation toggle restates the goal in today's dollars. A $20,000 target five years away at 3% annual inflation buys what about $17,252 buys today, so the plan saves toward the inflated number while showing you the real one. The 3% default is a rough long-run average, not a forecast; change it to your own assumption.
The spending-cut simulator reruns the whole plan with a higher monthly amount and reports how many months sooner the goal is reached. It assumes the extra is saved every month, so pair it with an automatic transfer to make the plan real.
FAQ
Questions, answered
How much should I save each month?
A common guideline is 20% of take-home pay, from the 50/30/20 budget. The useful answer depends on your goal: enter the target and the date above and the calculator works backward to a monthly number for you.
How does compound interest grow my savings?
Each month's interest is figured on a balance that already includes last month's interest, so growth speeds up over time. As an example, $500 a month at 4.5% APY grows to about $33,573 after five years, with roughly $3,573 of that from interest.
Should I adjust my savings goal for inflation?
For goals years away, yes. At 3% annual inflation, a $20,000 goal five years out has the buying power of about $17,252 today. Turn on the inflation adjustment above to see both the future-dollar target and its value in today's dollars.
Is a high-yield savings account worth it for a savings goal?
For goals under a few years, usually. High-yield accounts pay noticeably more than traditional savings accounts, and deposits are FDIC-insured up to the legal limit. Enter the rate your account actually pays; the 4.5% default is just a starting point.
How can I reach my savings goal faster?
Three levers: save more each month, earn a higher yield, or start with a bigger lump sum. The spending-cut box above models the first one: on a $20,000 goal at 4.5% APY, an extra $100 a month cuts the timeline from 34 months to 29.