Savings Goal
How long to reach a target — or how much per month — interest included.
About this calculator
Two questions, one tool: how long will my monthly saving take to reach the target, or how much per month reaches it by a chosen date. Interest compounds monthly in the maths, matching how accounts actually pay, and the answer itemises deposits versus interest earned.
Reaching goals in the real world
The honest mechanics for goals under about five years: the deposit does the pulling and interest is a garnish — at ordinary savings rates, doubling your monthly amount shortens the wait far more than doubling your interest rate, which is worth knowing before spending an evening bank-shopping for 0.2%. Automate the deposit on payday (paying yourself first outperforms saving what's left, in every study of the behaviour), keep the goal fund separate so it's annoying to raid, and calibrate against the standard benchmark: an emergency fund of 3–6 months' expenses before other goals. Where compounding DOES become the horse — decades, not months — is the compound interest story, and its calculator takes over from here.
Frequently asked questions
How long until I save $10,000?
Starting from $1,000 at $300/month with 3% interest: about 30 months. The calculator runs your exact numbers month by month, interest included.
Does interest matter for short-term goals?
Barely — on a 2-year goal at ordinary rates, interest contributes a few percent of the total. The monthly deposit is the lever; rate-shopping matters for decades, not months.
How much emergency fund should I target?
The standard benchmark is 3-6 months of essential expenses — nearer 6 for variable income. It's the goal to fund before the fun ones.
What does 'interest compounds monthly' mean?
Each month's interest is added to the balance and itself earns interest from then on — how savings accounts actually credit. The calculator mirrors that rather than using a yearly approximation.