Savings Goal Calculator
Find out how long it will take to reach your savings goal.
Savings goal ($)
Already saved ($)
Monthly contribution ($)
Annual interest rate (%)
Months to goal
35 mo
Years to goal
2.9 yr
Still needed
$18,000
Interest earned
$500
$010.0% saved$20,000
Common savings goals
Typical target amounts and timelines for the most popular savings goals.
Emergency fund$15,000
Typical timeline: ~6 months
3–6 months of living expenses. First savings priority for most.
New car$25,000
Typical timeline: ~36 months
Avoid financing by saving upfront — no interest payments.
House down payment$60,000
Typical timeline: ~60 months
20% down on a $300k home to avoid PMI insurance.
Wedding$30,000
Typical timeline: ~24 months
US average wedding cost. Varies widely by location.
Vacation$5,000
Typical timeline: ~12 months
International trip for two, mid-range budget.
College fund$100,000
Typical timeline: ~144 months
4-year private university. Start early — compounding helps most.
Where to keep your savings
The right account type depends on your timeline and how soon you might need the money.
Rates as of 2024. Compare rates at your bank or on aggregator sites before opening an account.
How to reach your goal faster
Small changes to your monthly habits compound into significant time savings.
The most direct lever is increasing your monthly contribution. Even an extra $100 per month can shave months off your timeline — try adjusting the input above to see the effect. Before increasing savings, look for spending reductions first: subscriptions, dining out, and impulse purchases are typically the fastest wins without affecting quality of life.
Automate your savings so money moves to your savings account on payday before you have a chance to spend it. Most banks let you schedule automatic transfers. Treating savings as a fixed expense rather than what's left at the end of the month is one of the most consistently effective behavioural strategies.
Don't underestimate interest rate shopping. Moving from a traditional savings account (0.5% APY) to a high-yield account (4.5–5% APY) on a $10,000 balance adds roughly $400 in passive earnings per year — with no extra effort. For longer-term goals (5+ years), a low-cost index fund historically outperforms any savings account, though with more short-term volatility.
Automate your savings so money moves to your savings account on payday before you have a chance to spend it. Most banks let you schedule automatic transfers. Treating savings as a fixed expense rather than what's left at the end of the month is one of the most consistently effective behavioural strategies.
Don't underestimate interest rate shopping. Moving from a traditional savings account (0.5% APY) to a high-yield account (4.5–5% APY) on a $10,000 balance adds roughly $400 in passive earnings per year — with no extra effort. For longer-term goals (5+ years), a low-cost index fund historically outperforms any savings account, though with more short-term volatility.
Savings rules of thumb
Widely used guidelines to help you prioritise where savings should go.
50/30/20 rule
Allocate 50% of take-home pay to needs, 30% to wants, and 20% to savings and debt repayment. A starting point — adjust based on income and goals.
3–6 month emergency fund
Keep 3–6 months of essential living expenses in liquid savings before focusing on other goals. Job loss, medical bills, or car repairs hit hardest without this cushion.
Pay yourself first
Transfer a fixed savings amount on payday before spending anything. Automating this removes the temptation to spend what you meant to save.
1% home maintenance
Set aside 1% of your home's value per year for maintenance and repairs. A $300k home = $3,000/year, or $250/month into a dedicated account.
Frequently asked questions
Formula / How it works
n = log(1 + (remaining × r) ÷ monthly) ÷ log(1 + r) Where r = monthly interest rate