Savings Goal Calculator
Work out when you'll reach a savings goal, from what you've already saved, your monthly contribution and a return rate.
Money & FinanceResult
Time to reach your goal
18 months
- In years
- ≈ 1 year 6 months
- Total contributed
- $4,500
- Interest earned
- $201.83
- Final balance
- $5,201.83
How is it calculated?
Enter your target amount, what you've already saved, how much you can add each month, and an annual return rate if there is one. The tool assumes the same contribution repeats every month and any return compounds monthly, and works out how many months it takes to reach the goal.
Formula
Each month: Balance = Previous balance × (1 + monthly rate) + monthly contribution
Example
Your savings goal: $5,000 · What you've already saved: $500 · Monthly contribution: $250 · Annual return rate (optional): 5% → Time to reach your goal: 18 months
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Frequently asked questions
What happens if I leave the return rate at 0?
The tool treats your savings like a plain jar: only your contribution is added each month, with no return earned.
What if I've already reached my goal?
If what you've already saved is at or above the goal, the time shown is 0 months.
Can I reach my goal with return alone, no monthly contribution?
Yes — leave the monthly contribution at 0 and enter a return rate, and the tool works out when compounding alone gets you there. But if both the contribution and the rate are 0 and your current savings are below the goal, it's never reached.
Is this return rate guaranteed?
No. The rate you enter is your own expectation or a product's past performance; the real return may differ.