Savings Goal Calculator
How long until you reach your savings target? It depends on how much you save each month and whether you earn interest.
Future Value of an Annuity
When you save a fixed amount each month (or period) and earn compound interest, the future value is: FV = PMT × [((1+r)^n − 1)/r], where PMT = monthly payment, r = monthly interest rate, n = number of months.
Solving for Time
To find how many months (n) it takes to reach a target (FV), we rearrange: n = log(1 + FV×r/PMT) / log(1+r). If the interest rate is 0, it's simply: n = target ÷ monthly contribution.
📊 Use our Savings Goal Calculator to see how long until you reach your target.
Assumptions
The calculator assumes consistent monthly deposits and compound interest. In reality, rates change, and you may save more or less over time. Use it as a guide, not a guarantee.
Where to Save
High-yield savings accounts, money market funds, or certificates of deposit (CDs) can offer interest on your savings. Compare rates and terms. Some accounts compound monthly, others daily — the calculator uses monthly compounding for simplicity. Even a small rate makes a difference over many years.
Tips for Reaching Your Goal
Automate your savings so a fixed amount goes to your goal account each month. Increase contributions when you get a raise or bonus. Review your progress periodically and adjust if needed. Breaking a large goal into smaller milestones can make it feel more achievable.
For informational purposes only. Not financial advice.