Savings Goal Calculator
Calculate how long it will take to reach your savings goalInputs
e.g., Down payment, emergency fund, vacation
The more you save monthly, the faster you reach your goal
High-yield savings accounts typically offer 4-5%
Enter values to see results
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What is this?
A savings goal calculator helps you determine how long it will take to reach a specific savings target. It accounts for your current savings, monthly contributions, and interest earned from savings accounts or investments to project your timeline and total accumulation.How to use
Start by entering your savings goal amount (e.g., $50,000 for a down payment). Input your current savings balance, how much you can save each month, and your expected annual interest rate. High-yield savings accounts typically offer 4-5% APY. The calculator shows when you'll reach your goal and how much comes from contributions vs. interest.Tips
- High-yield savings accounts (HYSA) offer 4-5% APY vs. 0.5% at traditional banks - use them for short-term goals
- For goals under 3 years, keep money in savings accounts for safety. For 5+ year goals, consider investing for higher returns
- Even small increases in monthly contributions make a big difference - saving $50 more per month can cut years off your timeline
- Set up automatic transfers on payday so you save before spending
- Track progress monthly and celebrate milestones (25%, 50%, 75%) to stay motivated
- One-time windfalls (bonuses, tax refunds) can dramatically accelerate your timeline
Disclaimer: This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual results may vary based on lender terms, market conditions, and individual circumstances. Consult a qualified financial advisor before making financial decisions. See our full disclaimer for details.