Savings Goal Calculator

Use our free savings goal calculator to determine how long it will take to reach your savings target, or how much you need to save each month to reach your goal by a specific date.

Financial

Currency

Target Savings Goal

Current Savings

Monthly Deposit

Annual Interest Rate (%)

Compounding Frequency

Formula

Planning for a big purchase or financial target? This calculator shows you how long it will take to reach your savings goal with your current savings rate, or how much you need to save each month to hit your target by a desired date.

Solve for t in: FV = PV(1+r/n)^(nt) + PMT × [((1+r/n)^(nt)-1) / (r/n)]

Percentage: The percentage value you want to apply

Number: The original number or value

Result: The calculated result

How It Works

1Enter your target savings amount and what you've already saved.
2Enter your monthly deposit amount and expected interest rate.
3Choose the compounding frequency.
4The calculator iterates month-by-month to find when you reach your goal.

Examples

$50k goal with $5k saved, $500/mo at 5%

1.Starting with $5,000, adding $500/month at 5% APY
2.Month-by-month compounding until $50,000 is reached
3.Takes approximately 82 months (6 yr 10 mo)

Result: 6 yr 10 mo

Frequently Asked Questions

Compound interest accelerates your savings growth by earning interest on both your deposits and previously earned interest, helping you reach your goal faster.

Try increasing your monthly deposit, extending your timeline, or finding a higher interest rate to make your goal more achievable.

Consider that the purchasing power of your goal may decrease over time due to inflation. You may want to target a higher nominal amount to account for this.

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Setting Savings Goals

CalculateMe Team

Last updated: 2026-07-15

Frequently Asked Questions

Compound interest accelerates your savings growth by earning interest on both your deposits and previously earned interest, helping you reach your goal faster.

Try increasing your monthly deposit, extending your timeline, or finding a higher interest rate to make your goal more achievable.

Consider that the purchasing power of your goal may decrease over time due to inflation. You may want to target a higher nominal amount to account for this.

Savings Goal Calculator

Formula

How It Works

Examples

$50k goal with $5k saved, $500/mo at 5%

Frequently Asked Questions

How does compound interest help me reach my goal?

What if I can't reach my goal in time?

Should I adjust for inflation?

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Savings Goal Calculator

Formula

How It Works

Examples

$50k goal with $5k saved, $500/mo at 5%

Frequently Asked Questions

How does compound interest help me reach my goal?

What if I can't reach my goal in time?

Should I adjust for inflation?

Related Calculators

Related Articles