How this calculator works
Set a savings goal, your current balance, and how much you plan to save each month. The calculator projects your balance forward month by month, applying interest to your growing balance, until you reach your target.
This is especially useful for goals like an emergency fund, a house down payment, a vacation, or any target where you want a realistic timeline rather than a rough guess.
Tips for reaching your goal faster
- Even small increases to your monthly contribution compound over time — try the calculator with a slightly higher amount to see the difference.
- Higher-interest savings accounts or CDs can meaningfully shorten your timeline for longer-term goals.
- Automating transfers right after payday makes consistent saving easier to maintain.
Frequently asked questions
How does interest affect my savings goal timeline?
Interest compounds on your growing balance, so the more you've saved, the more interest you earn each period. This means reaching your goal can take less time than simply dividing the goal by your monthly contribution.
Should I include my starting balance?
Yes, including any existing savings gives a more accurate timeline, since that balance also earns interest and contributes toward your goal from day one.
What interest rate should I use?
Use the annual interest rate offered by your savings account or investment vehicle. If you're unsure or saving in a standard account, a conservative estimate or 0% will give you a baseline without assuming growth.