Savings Goal Calculator
Find out how long it will take to reach a savings goal, or how much you need to put away each month to reach it by a set time.
Configure Your Goal
Results
Goal $50,000 · $5,000 saved · 7% a year
5 years 10 months
to reach $50,000
Total Put In
$40,000 (incl. saved so far)
Interest Earned
+$10,211
Final Balance
$50,211
Savings Over Time
Show the chart data as a table
| Period | Deposits | Balance |
|---|---|---|
| Year 1 | $11,000 | $11,540 |
| Year 2 | $17,000 | $18,538 |
| Year 3 | $23,000 | $26,026 |
| Year 4 | $29,000 | $34,038 |
| Year 5 | $35,000 | $42,611 |
| Month 70 | $40,000 | $50,211 |
Frequently Asked Questions
How long will it take to reach my savings goal?
It depends on what you have now, what you add each month and the return. Starting with $5,000 and adding $500 a month, a $50,000 goal takes 7 years 6 months with no interest, 6 years 5 months at 4% a year and 5 years 10 months at 7%. Raising the monthly deposit shortens it the most.
How much do I need to save each month?
Switch the calculator to "How much a month?" and set the goal and the time. To have $20,000 in 3 years, you need about $524 a month at 4% a year, against $556 with no interest at all.
What return should I use for a savings goal?
For money you need within about five years, such as a house deposit, a car or an emergency fund, use a savings account, money market or CD rate. Stocks can fall a lot in a short time: the S&P 500 lost about half its value from 2007 to 2009. For goals ten or more years away, a long-run stock return such as 7% is more reasonable.
How big should an emergency fund be?
A common guide is three to six months of essential spending, kept somewhere safe and easy to reach, such as a high-yield savings account. Set that as the goal here to see how long it takes at your monthly deposit.
Should my goal be in today's dollars?
For goals more than a few years away, yes. Prices rise, so a goal that costs $50,000 today will cost more later. Ticking 'Show in today's dollars' grows the goal with inflation and shows every amount in today's money.
See our Methodology page for how the figures are calculated, or all calculators. For education only, not investment, tax or legal advice. Past performance does not guarantee future results.