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Savings Goal Calculator

Plan and track your savings goals

Time to Goal

6 years 5 mos

Total Contributed

$43,500

Interest Earned

$6,770

Final Amount

$50,270

$
$
$
%

If specified, calculates required monthly payment

Time to Reach Goal

6y 5mo

77 months total

Total Contributed

$43,500

Interest Earned

$6,770

Final Amount

$50,270

Frequently Asked Questions

Q

How do you calculate savings goals?

Savings goals are calculated by considering your current savings, monthly contributions, interest rate, and target amount. The calculator shows how long it will take to reach your goal or how much you need to save monthly.

Q

How much should I save each month?

Financial experts recommend saving 20% of your income. However, the amount depends on your goals. For emergencies, aim for 3-6 months of expenses. For retirement, save 15-20% of income.

Q

What is a good interest rate for savings?

As of 2024, high-yield savings accounts offer 4-5% APY. Money market accounts and CDs may offer slightly higher rates. Compare rates from different banks to maximize your savings growth.

Q

How can I reach my savings goal faster?

To reach savings goals faster: 1) Increase monthly contributions, 2) Reduce expenses, 3) Find a higher interest rate account, 4) Automate savings transfers, 5) Set up separate accounts for different goals.

Example Calculations

1Saving $50,000 with $500/Month at 4%

Inputs

Savings Goal$50,000
Current Savings$5,000
Monthly Contribution$500
Annual Interest Rate4%

Result

Time to Reach Goal6 years 5 months
Total Months77
Total Contributed$43,500
Interest Earned$6,770

Starting with $5,000 and saving $500/month at 4% annual interest, it takes 77 months (6 years, 5 months) to reach the $50,000 goal. Your total contributions are $43,500 ($5,000 + $500 x 77) and compound interest adds $6,770.

2Saving $20,000 with $750/Month at 5%

Inputs

Savings Goal$20,000
Current Savings$3,000
Monthly Contribution$750
Annual Interest Rate5%

Result

Time to Reach Goal1 year 10 months
Total Months22
Total Contributed$19,500
Interest Earned$1,030

With $3,000 saved and $750 monthly contributions at 5% interest, the $20,000 goal is reached in 22 months (1 year, 10 months). Total deposits are $19,500 ($3,000 + $750 x 22), and interest adds $1,030.

Formulas Used

Time to Reach Goal (Iterative)

Balance(m) = Balance(m-1) x (1 + r/12) + PMT, repeat until Balance >= Goal

Each month the balance grows by the monthly interest rate and receives a contribution. The calculator counts months until the goal is reached.

Where:

Balance(m)= Account balance at end of month m
r= Annual interest rate (as a decimal)
PMT= Monthly contribution amount
Goal= Target savings goal amount

Required Monthly Payment (Fixed Time)

PMT = (Goal - Current) x [r/12 / ((1 + r/12)^n - 1)]

When a target number of months is specified, calculates the monthly payment needed to reach the goal in that time.

Where:

PMT= Required monthly payment
Goal= Target savings amount
Current= Current savings balance
r= Annual interest rate (as a decimal)
n= Target number of months

Planning Your Savings Goals

Setting clear savings goals helps you stay motivated and track progress.

Automating savings transfers ensures consistent contributions.

High-yield savings accounts can significantly accelerate goal achievement.

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Last Updated: Feb 12, 2026

This calculator is provided for informational and educational purposes only. Results are estimates and should not be considered professional financial, medical, legal, or other advice. Always consult a qualified professional before making important decisions. UseCalcPro is not responsible for any actions taken based on calculator results.

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