Savings Goal Calculator

See when you'll hit your savings goal at your current contribution rate.

Inputs

$
$
$
Annual Percentage Yield (already includes compounding)
%
Time to reach goal
$3.50
January 2030
Final balance
$20,272.58
Total contributions
$18,800.00
Interest earned
$1,472.58

How it works

Monthly compounding, end-of-period deposits. Each month: balance = balance × (1 + APY/12) + monthly deposit. Loop stops when balance reaches the goal.

Frequently asked questions

Where should I park savings?

Short-term goals: high-yield savings or short CDs. Long-term: a diversified portfolio.

How big should my emergency fund be?

Most planners suggest 3–6 months of essential expenses, more if income is variable.

What's APY?

Annual Percentage Yield — the rate including compounding. Always compare APYs, not APRs.

Are bank accounts safe?

FDIC-insured accounts are protected up to $250,000 per depositor per bank per ownership category.

Should I lock money in a CD?

Only if you don't need it during the term — early withdrawals carry penalties.

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