Financial Calculators
Savings Goal Calculator
Set a savings target, enter your monthly contribution and interest rate, and see exactly when you'll reach your goal — with a year-by-year projection.
Savings Goal
The total amount you want to save
Current balance toward this goal
How much you'll add each month
Growth Settings
Time Horizon
Projected Balance
$13,429
After 5 years at 4.5% APY
Total Contributions
$12,000
Interest Earned
$1,429
11% of total
Goal Amount
$10,000
Time to Goal
3.8 yr
Year-by-Year Breakdown
| Year | Balance | Contributed | Interest |
|---|---|---|---|
| 1 | $2,450 | $2,400 | $50 |
| 2 | $5,013 | $4,800 | $213 |
| 3 | $7,693 | $7,200 | $493 |
| 4 | $10,497 | $9,600 | $897 |
| 5 | $13,429 | $12,000 | $1,429 |
How to use the savings goal calculator
Enter your savings goal (e.g. $10,000 emergency fund or $50,000 down payment), any amount already saved, how much you can contribute monthly, the interest rate of your savings account, and your time horizon. The calculator instantly shows your projected balance, whether you're on track, and a year-by-year table showing growth over time.
The power of compound interest on savings
Compound interest means you earn interest on your interest — not just on your original contributions. The longer the time horizon, the greater the compounding effect. A high-yield savings account at 4.5% APY will nearly double the interest you earn compared to a standard 0.5% savings account over 10 years. Use the rate slider to compare different account types.
Choosing the right savings vehicle
- High-Yield Savings Account (HYSA): Best for emergency funds and goals within 1–3 years. FDIC-insured, currently 4–5% APY.
- Money Market Account: Similar to HYSA, sometimes with check-writing features.
- CDs (Certificates of Deposit): Fixed rate, higher yield, but money locked for a term (3 months to 5 years).
- Investment accounts: For goals 5+ years away, a diversified portfolio historically outperforms savings accounts — but carries market risk.
Tips to reach your savings goal faster
- Automate transfers on your paycheck date so savings happen before discretionary spending.
- Move savings to a high-yield account — earn 5–10x more than a standard savings account.
- Direct windfalls (tax refunds, bonuses) straight to your savings goal.
- Increase your monthly contribution by just $50 — see how it dramatically shortens the time to goal in the calculator.