Savings Goal Calculator
Find out how long it takes to reach your savings goal with regular deposits.
Time to Reach Goal
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Already reached!
년 mo
Target Date
Total Deposited
$
Interest Earned
$
Starting: $
Goal: $
% of goal from starting balance
Frequently Asked Questions
How long will it take to reach my savings goal?
The time depends on your monthly deposit, current savings, and interest rate. With $500/month deposits at 5% annual interest and no starting balance, reaching $50,000 takes about 7 years and 3 months. Higher deposits or interest rates shorten the timeline significantly.
How much should I save each month for an emergency fund?
Financial advisors recommend saving 3–6 months of living expenses as an emergency fund. If your monthly expenses are $3,000, aim for $9,000–$18,000. To reach this in one year, save $750–$1,500 per month. Start with whatever you can and increase over time.
Does the interest rate matter much for short-term savings goals?
For goals under 2 years, the interest rate has minimal impact because there is little time for compounding. For a $10,000 goal with $500/month deposits, the difference between 1% and 5% interest is only about $150. For 10+ year goals, the difference becomes substantial.