Savings goal calculator

How is the time to my goal calculated?

Each month the calculator adds your deposit and applies one twelfth of the yearly return to the balance (monthly compounding), then counts the months until the balance reaches the goal. With a 0% return it is simple division: the remaining amount divided by your monthly deposit, rounded up.

If you add expected inflation, the third result shows what your goal amount will be worth in today’s money when you reach it. For long goals like a house deposit, that gap is worth knowing: raise the target every year or two so it keeps pace with prices.

What return should I enter?

Enter the yearly rate you realistically expect where the money will sit, such as the interest on a savings account, or leave it at 0% for the most cautious estimate. For goals under a few years, most people keep the money somewhere stable rather than invested, so a modest rate is usually more honest.

This calculator does not recommend where to keep your savings. It only shows what a given rate would mean for your timeline.

How can I reach my goal faster?

Raise the monthly amount and make it automatic. Moving money to a separate account on payday (“pay yourself first”) works better than saving whatever is left at the end of the month, which is often nothing. Small increases add up: an extra $50 a month cuts months off a multi-year goal.

• Send windfalls such as tax refunds and bonuses straight to the goal.
• Cancel one or two unused subscriptions and redirect the amount.
• Find the money with the monthly budget calculator: it shows which category takes the most.

Frequently asked questions

How much should I save each month?

A common guideline is 20% of take-home pay (the 50/30/20 rule). If that is not possible yet, start with 5 to 10%; saving consistently matters more than the starting amount.

Should I build an emergency fund before saving for goals?

Usually yes, at least a starter one. A buffer of one month of essential costs stops a surprise bill from undoing your progress. Use the emergency fund calculator to size the full fund.

Why include inflation?

Because prices rise while you save. A $20,000 goal reached in four years buys less than $20,000 does today. The inflation field shows that difference so you can adjust the target.