Savings Goal Calculator
Calculate how long it will take to reach your savings goal with regular monthly contributions and compound interest. Visualize your progress and see month-by-month projections.
Your target savings amount
Amount you already have saved
Amount to save each month
Expected annual return rate
Accurate Timeline
Calculate exact time to reach your savings goal with compound interest.
Visual Progress
See your progress with visual charts and month-by-month breakdown.
100% Private
All calculations happen in your browser. Your data never leaves your device.
How It Works
Future Value Formula
FV = PV(1 + r)^n + PMT × [((1 + r)^n - 1) / r]
Where:
- FV = Future value (goal amount)
- PV = Present value (current savings)
- r = Monthly interest rate (annual rate / 12)
- n = Number of months
- PMT = Monthly contribution
Example Calculation
If you want to save $10,000 with $2,000 already saved, contributing $200/month at 5% interest:
- Time to Goal: ~3 years, 4 months (40 months)
- Total Contributions: $2,000 + ($200 × 40) = $10,000
- Interest Earned: ~$409
- Final Amount: ~$10,409
Inflation Adjustment
When enabled, the calculator adjusts your goal amount to account for inflation over time. For example, if you need $10,000 in today's dollars but it will take 5 years to save with 3% inflation, your actual target becomes higher to maintain the same purchasing power.
Frequently Asked Questions
How does the savings goal calculator work?
The calculator uses the future value formula to determine how long it will take to reach your savings goal based on your current savings, monthly contributions, and interest rate. It factors in compound interest to give you an accurate timeline.
What is the inflation adjustment option?
The inflation adjustment increases your goal amount over time to account for the decreasing purchasing power of money. If you enable this option with a 3% inflation rate, a $10,000 goal today will adjust to account for inflation over the time it takes to reach it.
How is compound interest calculated?
Interest is compounded monthly using the formula: FV = PV(1 + r)^n + PMT × [((1 + r)^n - 1) / r], where FV is future value, PV is present value (current savings), r is monthly interest rate, n is number of months, and PMT is monthly contribution.
What if I can't reach my goal?
If the calculator shows an error that your goal is unreachable, try increasing your monthly contribution, finding accounts with higher interest rates, or adjusting your goal amount to make it more achievable.
Should I use a high or low interest rate?
Use a realistic interest rate based on your savings account or investment. High-yield savings accounts typically offer 3-5%, while conservative investments might offer 5-7%. Being conservative with your estimate is safer than being overly optimistic.
Is my financial data private?
Yes, absolutely! All calculations happen entirely in your browser. Your financial information is never sent to any server, ensuring complete privacy and security.