Savings Goal Calculator
Set a savings target, see how long it takes to reach it, and discover the monthly contribution you need. Watch your savings grow with the power of compound interest.
Your Savings Parameters
Savings Goal Results
Savings Breakdown
You need to save more
You are contributing $500/month, but you need $641/month to reach your goal in 5 years. Consider increasing your contribution by $141/month.
Key Insights
Strategies to help you reach your savings goal faster
Pay Yourself First
Set up automatic transfers to your savings account on payday before you spend on anything else. Treating savings like a fixed bill ensures consistent progress toward your goal, regardless of discretionary spending temptations.
High-Yield Savings vs Investing
For goals under 3 years, a high-yield savings account (4-5% APY) keeps your money safe and accessible. For goals 5+ years out, consider low-cost index funds that historically return 7-10% annually, though with more short-term volatility.
Milestone Tracking
Break your big goal into smaller milestones to stay motivated. Celebrate hitting 25%, 50%, and 75% of your target. Research shows that tracking progress increases the likelihood of achieving financial goals by over 40%.
Frequently Asked Questions
Common questions about savings goals and planning
Disclaimer: This calculator provides estimates for educational purposes only and does not constitute financial advice. Actual results will vary based on market conditions, fees, taxes, and other factors. Interest rates shown are hypothetical and not guaranteed. Consult a qualified financial advisor before making financial decisions.