Last updated: May 2026
Find out how long it takes to reach your savings target — or how much you need to save each month.
Your Savings Details
Progress to Goal
Future Value formula: FV = PV×(1+r)^n + PMT×[(1+r)^n − 1]/r, where r is the monthly interest rate (annual rate ÷ 12) and n is the number of months.
Months to goal: Solved iteratively — we find the smallest n such that FV ≥ goal amount. If interest rate is 0, it simplifies to n = (goal − current) ÷ monthly contribution.
Interest earned = Final balance − current savings − total monthly contributions.
Year-by-Year Progress
⚠️ Projections assume a constant contribution and interest rate. Actual returns on investments will vary. This calculator does not account for taxes on interest income.
Your Savings Details
Progress to Goal
PMT formula: Given a target future value, time frame, current balance, and interest rate, we solve for the required regular payment: PMT = (FV − PV×(1+r)^n) × r / [(1+r)^n − 1].
If the rate is 0: PMT = (goal − current savings) ÷ months.
Interest earned = Final balance − current savings − total monthly contributions.
Year-by-Year Progress
⚠️ Projections assume a constant contribution and interest rate. Actual returns on investments will vary. This calculator does not account for taxes on interest income.
Related Financial Calculators
A savings goal calculator removes the guesswork from building wealth by translating a target dollar amount and deadline into a concrete monthly contribution. Whether you are building an emergency cushion, saving for a home down payment, or funding a college education, the math is the same: the more time you give yourself and the higher the interest rate you earn, the smaller your required monthly deposit.
The table below uses a 4.5% annual yield (achievable in a high-yield savings account in 2025–2026) to show what monthly contributions are needed for several common goals across different time horizons. Targets assume a national median for comparison purposes.
| Goal | Target Amount | Monthly (3 yr) | Monthly (5 yr) | Monthly (10 yr) |
|---|---|---|---|---|
| Emergency fund (3 mo) | $9,000 | $250 | $150 | $75 |
| Emergency fund (6 mo) | $18,000 | $500 | $300 | $150 |
| Down payment (10%) | $35,000 | $972 | $583 | $292 |
| Down payment (20%) | $70,000 | $1,944 | $1,167 | $583 |
| New car | $30,000 | $833 | $500 | $250 |
| College fund | $50,000 | $1,389 | $833 | $417 |
How much should I have in an emergency fund?
Most financial planners recommend 3 to 6 months of essential living expenses. If you have variable income, are self-employed, or work in a volatile industry, aim for 6 months or more. Essential expenses include housing, food, utilities, insurance, and minimum debt payments — not discretionary spending.
What is a good savings rate?
The classic rule of thumb is to save at least 20% of gross income (the 50/30/20 budget). For retirement specifically, Fidelity recommends saving 15% of pre-tax income including employer contributions. Even 10% is a solid starting point if you are just beginning — what matters most is consistency and increasing the rate over time as income grows.
Where should I keep my savings goal money?
For goals within 1–3 years, a high-yield savings account (HYSA) or money market account is ideal — your money is liquid, FDIC-insured, and earning competitive interest. For goals 3–5 years out, a CD ladder can lock in higher rates. For goals 10+ years away, consider investing in index funds where market growth can outpace inflation over the long term.
How do I save for multiple goals at once?
Open a separate savings account for each goal and automate transfers on payday. Many online banks allow multiple named sub-accounts. Prioritize by urgency: fund your emergency account first, then employer-matched retirement contributions (free money), then specific short-term goals. Treat each savings transfer as a fixed bill, not optional spending.
Does the interest rate matter for short-term savings goals?
Yes, but less dramatically than for long-term goals. On a 2-year goal of $10,000, the difference between 0% and 4.5% APY is about $460 in earned interest — meaningful, but the monthly contribution amount matters far more. For goals under 3 years, focus on maximizing your monthly deposit; for goals 5+ years out, the rate of return becomes increasingly significant.