Savings Goal Calculator
Free savings goal calculator with two modes: calculate time to reach your goal, or calculate how much to save monthly. See month-by-month growth, progress milestones, and compare what-if scenarios with different rates and contributions.
| Month | Deposit | Interest | Balance |
|---|---|---|---|
| Start | -- | -- | $5,000.00 |
| 1 | $500.00 | $20.83 | $5,520.83 |
| 2 | $500.00 | $23.00 | $6,043.84 |
| 3 | $500.00 | $25.18 | $6,569.02 |
| 4 | $500.00 | $27.37 | $7,096.39 |
| 5 | $500.00 | $29.57 | $7,625.96 |
| 6 | $500.00 | $31.77 | $8,157.73 |
| 7 | $500.00 | $33.99 | $8,691.72 |
| 8 | $500.00 | $36.22 | $9,227.94 |
| 9 | $500.00 | $38.45 | $9,766.39 |
| 10 | $500.00 | $40.69 | $10,307.08 |
| 11 | $500.00 | $42.95 | $10,850.03 |
| 12 | $500.00 | $45.21 | $11,395.24 |
| ... 56 more months ... | |||
| 69 | $500.00 | $191.02 | $46,536.82 |
| 70 | $500.00 | $193.90 | $47,230.73 |
| 71 | $500.00 | $196.79 | $47,927.52 |
| 72 | $500.00 | $199.70 | $48,627.22 |
| 73 | $500.00 | $202.61 | $49,329.83 |
| 74 | $500.00 | $205.54 | $50,035.37 |
How to Use Savings Goal Calculator
- 1Enter your savings goal amount.
- 2Input current savings and interest rate.
- 3Choose mode: time to goal or monthly amount needed.
- 4View growth chart and milestone timeline.
Frequently Asked Questions
How much should I save each month?▾
A common guideline is to save 20% of your income (50/30/20 rule). Enter your goal and timeline to see the exact monthly amount needed.
How long will it take to save $10,000?▾
It depends on your monthly contribution and interest rate. Saving $500/month at 4% APY would take about 19 months.
Should I include interest in my savings plan?▾
Yes! Even a high-yield savings account (4-5% APY) significantly reduces the time or monthly amount needed to reach your goal.
About Savings Goal Calculator
Free savings goal calculator with two modes: calculate time to reach your goal, or calculate how much to save monthly. See month-by-month growth, progress milestones, and compare what-if scenarios with different rates and contributions.
NexTool's Savings Goal Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.
Related Tools
Stay Updated
Get notified about new tools, features, and exclusive deals. No spam, ever.