Work out the monthly amount you need to reach a savings target — or how long your current pace will take — with interest doing some of the work for you.
This is an estimate. Returns are assumed constant and compounded monthly; real savings and investment returns vary and aren't guaranteed. This tool is for educational purposes only and is not financial advice.
The calculator combines two things: the money you set aside each month and the interest that money earns along the way. Each month your balance grows by your contribution plus a month's interest on the running total, so the further out your goal, the more of the work interest does for you.
Switch the toggle to solve for whichever you don't know. "Monthly amount" tells you how much to save each month to hit the goal by a chosen date. "Time to reach" tells you how many months a chosen monthly amount will take.
Interest compounds, so a better rate doesn't just add a little — it accelerates everything that follows. The same $700 a month reaches a $30,000 goal noticeably faster at 4% than at 0%, because each month's interest is itself earning interest.
That's why where you keep the money matters. Cash sitting in a standard savings account earning almost nothing leaves that acceleration on the table; a high-yield account or short-term investment can meaningfully cut the time to your goal.
A starting balance gives you a head start, and it keeps earning the whole way through, so even a modest lump sum reduces what you need to add each month. Time works the same way: beginning a year earlier lets compounding run longer, which lowers the monthly amount required.
If the monthly figure looks out of reach, you have three levers — extend the timeline, lower the goal, or find a higher rate — and the calculator lets you test each in seconds.
For a goal within a few years, safety and access usually matter more than maximum return. A high-yield savings account keeps the money liquid; a CD can pay a bit more if you can lock it away until the target date. For goals many years out, a diversified investment account may fit, accepting more ups and downs for higher expected growth.
Match the account to the timeline: the closer the goal, the less risk you want, because there's little time to recover from a dip right before you need the cash.
Goals are far more likely to happen when the monthly amount is automated — transferred to the savings account on payday before you can spend it. Building the figure into your budget as a fixed line item, rather than saving "whatever's left," is what turns a target into a habit.
Check the contribution against your budget so it's sustainable; a slightly smaller amount you keep up every month beats an ambitious one you abandon.
Enter your goal, any starting balance, your expected return, and a target date. The calculator solves for the monthly contribution that gets you there, with interest counted toward the total.
Yes. It compounds your balance monthly at the annual return you enter, so part of the goal is met by interest rather than only your contributions — which is why the total you contribute is less than the goal.
For short-term goals, use the rate on a high-yield savings account or CD. For long-term goals invested in the market, people often model a conservative long-run average, but returns aren't guaranteed.
Extend the timeline, lower the goal, or earn a higher rate. Even adding a few months or a small starting balance can bring the required monthly amount down to something sustainable.
Automate the transfer on payday and treat it as a fixed expense in your budget. Saving before you spend, rather than after, is the most reliable way to reach a goal.