Savings Goal Calculator
Calculate how long it takes to reach your savings goal. Enter your target amount, current savings, monthly contribution, and interest rate to find your timeline.
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Months to Goal
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Years to Goal —
Total Contributions —
Interest Earned —
Monthly Needed for 12-Month Goal —
How to Use This Calculator
- Enter your Savings Goal — the target amount you want to reach.
- Enter your Current Savings toward this goal.
- Enter your planned Monthly Contribution.
- Enter the Annual Interest Rate — use your savings account's current APY.
- See how many months until you reach your goal and the monthly savings needed for a 12-month goal.
Formula
Months to Goal:
n = log[(target × r + PMT) / (current × r + PMT)] / log(1 + r)
- r = Monthly rate (APY ÷ 12), PMT = Monthly contribution
Example
Example: $20,000 goal, $2,000 already saved, $500/month, 4.5% APY.
- Amount Remaining: $18,000
- Months to Goal: 32 months (2.7 years)
- Total Contributions: $18,000
- Interest Earned: ~$1,100
Frequently Asked Questions
- Start with a specific amount and deadline. Common goals include emergency fund (3–6 months expenses), vacation ($3,000–$10,000), down payment (10–20% of home price), and car ($5,000–$15,000). Work backward from the goal to determine required monthly savings.
- For goals under 2 years: high-yield savings account (4–5% APY) or money market account. For 2–5 year goals: CDs or Treasury bills. For goals 5+ years away: consider index funds for higher potential returns.
- Most financial advisors recommend 3–6 months of living expenses in liquid savings. If you have variable income, aim for 6–12 months. On $4,000/month in expenses, a 6-month emergency fund = $24,000.
- Yes, if you have the cash flow. Prioritize: (1) employer 401(k) match, (2) emergency fund, (3) high-interest debt payoff, (4) other goals. Open separate savings accounts for each goal to track progress.
- A high-yield savings account at 4.5% APY reduces the time to reach your goal compared to 0% interest. On a $20,000 goal with $500/month, earning 4.5% APY vs 0% saves about 2–3 months of contributions.