How do I calculate my savings goal?

Enter your starting amount, how much you can save monthly, your expected interest rate, and your target goal. The calculator shows how long it will take to reach your goal.

What interest rate should I use?

High-yield savings accounts typically offer 4-5% APY. For investment accounts, historical stock market returns average about 7-10% annually.

Should I increase my monthly savings?

Even small increases in monthly savings can significantly reduce the time to reach your goal, especially with compound interest working in your favor.

Savings Goal Calculator

How long will it take to reach your savings goal? Enter your starting amount, monthly savings, expected interest rate, and target goal to find out instantly.

How to Set and Reach a Savings Goal

A savings goal without a plan is just a wish. This calculator bridges the gap between ambition and reality by showing you exactly how long it will take to reach your target — and what levers you can pull to get there faster.

Saving $300 per month at a 5% annual return builds to over $46,000 in 10 years — with more than $6,000 from interest alone.

Quick Answer

Starting from $1,000 and saving $300 per month at a 5% annual return, you reach $50,000 in 124 months (about 10.3 years). Roughly $38,200 of that is money you deposited and the rest is interest, because each month's balance earns 0.4167% before the next deposit is added.

Worked Example

Time to reach a savings goal from $1,000 saving $300 per month at 5%
Savings goal	Months needed	Years needed	Total deposited
$10,000	28	2.3	$9,400
$25,000	69	5.8	$21,700
$50,000	124	10.3	$38,200
$100,000	207	17.3	$63,100

The Formula

n = ln[(FV × r/12 + PMT) ÷ (PV × r/12 + PMT)] ÷ ln(1 + r/12)

n is the number of months to reach the goal, FV the target amount, PV the starting balance, PMT the monthly deposit and r the nominal annual rate as a decimal. The calculator solves this by iterating month by month.

Key Terms Defined

Savings goal timeline: The number of months required for a starting balance plus recurring deposits, growing at a given rate, to reach a target amount.
Nominal rate (APR): The stated annual rate before compounding is applied. A 7% nominal rate compounded monthly charges or pays 7%/12 = 0.5833% each month.
Effective annual rate (APY): The rate you actually earn or pay once compounding is included: EAR = (1 + r/n)^n − 1. A nominal 7% compounded monthly equals an effective 7.23% per year; compounded daily it equals 7.25%.

Method & Limitations

Each goal is solved month by month with the same savings function the calculator uses: the balance earns one month of interest, then the deposit is added.
Deposits are made at the end of each month.

Balances are rounded to the nearest cent internally and displayed to the nearest dollar.
The return rate is assumed constant for the whole period; real markets and savings rates vary year to year.
Fees, account charges and currency effects are excluded unless a field for them exists in the calculator.
Results are estimates for planning purposes, not financial advice.
The timeline assumes deposits are never missed and the rate never changes.

Last updated: August 6, 2026