Savings Goal Calculator

Plan how long it will take to reach a savings goal and how much to save each month to get there on time.

How the savings goal calculator works

The calculator answers two questions at once. First: at your current monthly contribution and yield, when do you reach the goal? It projects your balance month by month — starting savings growing at the monthly equivalent of your APY, plus contributions at month end — until the goal is crossed.

Second, it inverts the problem: given your target timeframe, what monthly contribution gets you there on time? If your starting savings would grow past the goal on their own, the required contribution is simply zero.

The rate field is treated as APY (effective annual yield), so you can plug in your savings account’s advertised APY directly — no conversion needed.

How to use this calculator

Enter your savings goal amount.
Enter what you have saved already.
Set your planned monthly contribution and the APY your savings earn.
Choose a target timeframe in years.
Press Calculate to see your goal date and the required monthly amount for the target.

Key terms

Sinking fund: Money set aside monthly toward a known future expense — exactly what this calculator plans.
APY: The effective annual yield your savings earn, including compounding. Use the rate your bank advertises.
Required monthly savings: The contribution needed to reach the goal by your target date, given your starting balance and yield.

Tips

Keep goal money in a high-yield savings account — at typical balances, the APY difference is a free contribution.
Automate transfers on payday; goals funded "with whatever is left over" rarely stay on schedule.
For goals more than five years out, revisit the plan yearly — rates and priorities drift.

Frequently asked questions

Why does it say my goal is not reachable?

With no monthly contribution and no yield, a balance below the goal can never cross it. Add a monthly contribution — even a small one — or account for the APY your savings actually earn, and a goal date appears.

Should I include investment returns as the rate?

For short-term goals (under ~3 years), use a savings APY — market returns are too volatile to count on. For long-term goals you may use a conservative investment return, accepting that the date is an estimate, not a guarantee.

What if I already have more than my goal?

The calculator tells you the goal is already met and shows zero months to goal. Consider pointing the monthly contribution at your next goal — our compound interest calculator shows what it could grow into.

Planning further? Try the compound interest calculator or the apy calculator.

Compound Interest Calculator

See how your savings grow over time with compound interest and regular monthly contributions.

APY Calculator

Convert a nominal interest rate to its effective annual yield (APY) and see what a deposit earns.