Savings Goal Calculator
How long will it take to save a specific amount? Enter your goal, what you've already saved, and your monthly contribution.
Enter 0 if starting from scratch
Use your savings account APY or expected investment return
Time to goal
2y 10m
Total saved
$20,000
Interest earned
$1,000
Free money from your bank
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How to use a savings goal calculator
A savings goal calculator works backwards from a target amount to tell you exactly how long it'll take to get there — factoring in what you've already saved, how much you add each month, and the interest you'll earn along the way.
The interest rate to use depends on where you're saving. A high-yield savings account in the US currently offers around 4–5% APY. A standard savings account might offer 0.5–1%. If you're investing, the historical S&P 500 average is around 7–10%.
Tips to reach your goal faster
Even small increases to monthly contributions make a significant difference. Adding an extra $100/month to a $20,000 goal at 4.5% can cut months off your timeline. Windfalls like tax refunds or bonuses dropped straight into savings also accelerate your timeline significantly.