Savings Goal Calculator

Plan how to reach your savings goals with monthly contributions and compound interest. See how long it will take and how much interest you'll earn.

Choose Calculator Mode

Savings Goal Details

Savings Goal$10,000

Current Savings$1,000

Expected Annual Return4.5%

Annual Lump Sum (Bonus, Tax Refund, etc.)$0/year

Monthly Contribution$500/month

Timeframe to Project (Months)24 months (2.0 years)

Time to Reach Goal

18 months

Years1.5 years

Target DateAugust 2027

Balance After 24 Months

$13,626

Goal reached in 24 months!

Total Contributions

$13,000

Current savings + monthly deposits

Interest Earned

$626

From 4.5% annual return compounded monthly

About This Calculator

This savings calculator offers two modes: Calculate Time to Reach Goal (determine how long it will take to reach your savings goal with a set monthly contribution) and Calculate Required Contribution(determine how much you need to save monthly to reach your goal by a specific date).

The calculator assumes monthly compound interest based on the annual return rate you enter. Actual returns may vary depending on market conditions and the type of savings account or investment. High-yield savings accounts typically offer 4-5% annual returns, while investment accounts may vary significantly. Consider your risk tolerance and time horizon when choosing where to save.