# Savings Goal Calculator

> Find the monthly contribution needed to reach a savings goal, or how long your monthly contribution will take. Accounts for compound interest.

URL: https://uttir.com/savings-goal-calculator
Categories: calculators
Privacy: All math runs locally. No financial data leaves your browser.

## About

Two ways to think about a savings goal: "how much do I need to save per month to hit the target by date X" or "if I save $Y per month, when will I hit the target." This tool does both, and accounts for compound interest on the existing balance and on each new contribution.

The interest rate is the annual return on whatever you are saving in (savings account, money market, CDs, treasury bonds). For a high-yield savings account today, 4-5% is realistic. For a brokerage account in stocks, 7-10% is the long-run historical average but with significant year-to-year volatility. Set the rate to 0 to model a savings account with no interest.

## How to use

1. **Pick a mode** — "Find time" if you know how much you can save per month. "Find amount" if you know when you need the money.
2. **Enter the target** — How much you need in total, in today's dollars. The tool does not model inflation; subtract expected inflation if you want a real (purchasing-power-adjusted) number.
3. **Enter your current savings** — What you have already put aside. Includes the balance in your savings account, not the money you are still earning.
4. **Set the return rate** — Annual return as a percentage. 0 for cash, 4-5% for a high-yield savings account, 7-10% for a long-term stock portfolio.

## Examples

### $10,000 emergency fund, $1,000 saved, $200/month, 4.5% APY

Time mode.

Output:

```
~4 years, 4 months to reach $10,000; ~$340 in interest earned
```

### $20,000 down payment in 3 years, $0 saved, 4.5% APY

Amount mode.

Output:

```
~$520/month needed; ~$1,290 in interest earned
```

## FAQ

### What return rate should I use?

For a high-yield savings account: 4-5% in 2024. For a money market fund: 4-5%. For a CD: 4-5% depending on the term. For a brokerage account in stocks: 7-10% is the long-run historical average, but use a lower number (5-7%) if you want a more conservative estimate. For a bond portfolio: 4-6% historically. Set to 0 if you are saving in cash and want to ignore interest.

### Does the tool account for inflation?

No. The target is in nominal dollars (today's purchasing power eroded by inflation over the saving period). If you want the target in real (today's) dollars, you have two options: (1) increase the target by expected inflation to keep the real value the same, or (2) reduce the assumed return by expected inflation to get a real return.

### What if I have an irregular income?

Use the average monthly amount you can save in a typical month. The tool assumes a constant monthly contribution. If your income is highly variable, plan against your worst month — that way, you are on track even in slow months and you will come in ahead in good months.

## Related tools

- [Compound Interest Calculator](https://uttir.com/compound-interest-calculator) — Project savings growth with compound interest and monthly contributions, year by year.
- [Retirement Calculator](https://uttir.com/retirement-calculator) — Project your retirement savings with monthly contributions, annual raises, and inflation. Year-by-year balance and real (today's-dollar) value.
- [Inflation Calculator](https://uttir.com/inflation-calculator) — Calculate how inflation erodes purchasing power over time. Custom rate or historical U.S. CPI averages from 1990 onward.
- [Paycheck Calculator](https://uttir.com/paycheck-calculator) — Calculate your take-home pay per period. Federal income tax (2024 brackets), Social Security, Medicare, state tax, and pre-tax deductions. Math runs locally in your browser.
- [Percentage Calculator](https://uttir.com/percentage-calculator) — Three percentage tools in one: percent of a value, ratio as a percent, and percent change.

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For the full HTML page with the live tool, visit https://uttir.com/savings-goal-calculator.
This file is the markdown rendering at https://uttir.com/savings-goal-calculator.md. See https://uttir.com/llms.txt for a site-wide summary.