Savings Goal Calculator
Calculate how long until you reach a savings target, or how much to save monthly to hit it by a target date.
What this calculates
Big purchases — a wedding, a sabbatical, tuition, a car — start as a number with a date. This calculator works two directions: enter a target and savings rate to find when you'll arrive, or enter a target date to find the monthly contribution required. Interest from a high-yield savings account is included.
Formula & how it works
Time to goal: solve for t such that current × (1+r/12)^t + monthly × ((1+r/12)^t − 1)/(r/12) ≥ target. Required monthly: monthly = (target − current × (1+r/12)^t) ÷ (((1+r/12)^t − 1)/(r/12)). r is annual rate, t is months.
Worked example
Target $20K for a wedding in 24 months. Current $3K. APY 4 %. Required monthly = (20K − 3K × 1.0833) ÷ 24.91 ≈ $681. Without interest you'd need ~$708 — the small APY helps modestly on short horizons.
Frequently asked questions
What APY can I get on savings?
Currently 4–5 % on US high-yield savings (Ally, Marcus, SoFi, Wealthfront). Brick-and-mortar savings still pay 0.01 % — don't leave large balances there.
Should I invest if my timeline is short?
No. Under 2 years, market risk dominates compound growth. Stick to HYSA or CDs. 3–5 years gets murky. 5+ years, market investing usually wins despite volatility.
What if I miss a month?
The calculator assumes monthly consistency. Missing one month adds ~1.5 months to the timeline, depending on rate. Catch up the following month if possible.
How do I account for inflation?
If the target cost is in today's dollars but you'll buy in 3 years, the price might be 10 % higher. Either inflate your target or use a real (inflation-adjusted) APY (~1 % currently) instead of nominal.
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