Savings Goal Calculator
Find out exactly how long it will take to reach any savings goal — with or without compound interest. Perfect for planning a house down payment, vacation, or emergency fund.
e.g. emergency fund, vacation, down payment
High-yield savings accounts offer ~4–5% APY. Set to 0 if no interest.
Goal reached in
2y 8m
Still needed
$10,000
You'll contribute
$9,600
Interest earned
$513
Savings Growth Over Time
Create this goal and track progress
PenniesTrack lets you create savings goals, log contributions, and visualize your progress toward any target — free.
Create My Savings Goal — FreeFrequently Asked Questions
How is savings goal time calculated?
Without interest: months = (goal - current savings) / monthly contribution. With compound interest, each month your balance grows by the monthly rate before you add your contribution. The formula iterates month by month: new balance = previous balance × (1 + monthly rate) + monthly contribution, until the balance reaches the goal.
What interest rate should I use for my savings?
High-yield savings accounts (HYSAs) currently offer 4–5% APY. Regular savings accounts offer 0.01–0.5%. Money market accounts offer 4–5%. For investments (stock market), a conservative estimate is 7–10% annually, but investments carry risk and shouldn't be used for short-term goals. For goals within 2-3 years, use your actual HYSA rate.
How much should I save each month?
The 50/30/20 rule suggests saving at least 20% of your take-home income. This includes emergency fund contributions, retirement savings, and goal-specific savings. For a specific goal, use this calculator: enter the goal amount, your timeline, and solve for monthly contribution. Pay yourself first — automate your savings transfer on payday.
What is compound interest and why does it matter?
Compound interest means you earn interest on your interest. For example, $5,000 at 4% APY for 5 years grows to $6,083 without contributions — earning $1,083 just from interest. The longer the timeline, the more powerful compound interest becomes. This is why starting to save early matters so much.