Savings Goal Calculator
Plan how to reach your savings goals
Enter values to see results
Fill in the form and click Calculate
How to Use This Calculator
Enter your savings goal, current savings, and how much you can contribute monthly. The calculator will tell you how long it will take to reach your goal. Optionally, enter a timeframe to see how much you need to save monthly to reach your goal by then.
Tips for Reaching Your Savings Goal
- Automate your savings: Set up automatic transfers to your savings account
- Start early: The power of compound interest works better with time
- Increase contributions: Put raises and bonuses toward your goal
- Track progress: Review your progress regularly to stay motivated
- Reduce expenses: Find areas to cut spending and redirect to savings
Frequently Asked Questions
How much should I save each month?
A common guideline is to save at least 20% of your income. However, the right amount depends on your goals, expenses, and timeline. Use this calculator to find what works for your specific goal.
Should I prioritize saving or paying off debt?
Generally, pay off high-interest debt (like credit cards) first, as the interest costs likely exceed investment returns. For low-interest debt, you might save and pay debt simultaneously.
Where should I keep my savings?
For short-term goals (under 3 years), use a high-yield savings account for safety. For longer-term goals, consider CDs, bonds, or index funds depending on your risk tolerance.
What is a realistic savings rate?
High-yield savings accounts offer 4-5% APY. Conservative investment portfolios return 4-6% annually. Moderate portfolios return 6-8%, and aggressive portfolios may return 8-10% with more risk.