Savings Calculator
Plan your savings journey by calculating how long it will take to reach your financial goals with regular contributions.
The amount you have saved so far.
How much you plan to save each month.
The annual interest rate on your savings account (optional).
The total amount you want to save.
This calculator helps you determine how long it will take to reach a savings goal based on your current balance, planned contributions, and interest rate.
How It Works
Savings Growth Formula
FV = P(1 + r)^t + PMT x [((1 + r)^t - 1) / r]Future value equals the compounded initial savings plus compounded monthly contributions.
FV is the future value (your goal)
P is the current savings (principal)
PMT is the monthly contribution
r is the monthly interest rate
t is the number of months
Important Notes:
- •This calculator assumes monthly compounding of interest.
- •Contributions are made at the end of each month.
- •Interest rate is optional - if zero, the calculator simply divides the goal by monthly contribution.
Worked Example
Starting with no savings, contributing $500 monthly at 4% interest to reach a $20,000 goal.
Inputs:
- current Savings:0
- monthly Contribution:500
- annual Interest Rate:4
- savings Goal:20,000
Result:
It will take approximately 38 months (about 3.2 years) to reach $20,000. You will have contributed $19,000 and earned approximately $1,000 in interest.
Who Is This Calculator For?
- savers
- goal-setters
- emergency fund builders
- retirement planners