Savings Goal Calculator
Two ways to work the same problem: how long your goal takes at your current saving pace, or how much per month a deadline demands. Interest included either way.
Your goal
How the math works
Both modes use the same engine: each month, the balance earns one month of compound interest (the APY converted to a monthly rate) and receives your contribution. "Time to goal" runs that forward until the balance crosses the target. "Monthly for a deadline" inverts it with the future-value-of-annuity formula — it grows your current savings to the deadline, then solves for the deposit stream that fills the remaining gap.
One honest caveat about interest: over horizons under about three years, it barely matters. At 4% APY, saving $500/month for two years earns roughly $500 in interest — two weeks of contributions. The rate becomes a real force over five-plus years. For short goals, obsess over the contribution, not the account.
Worked example
Goal: $15,000 for a car in cash, starting from $1,000, saving $500/month at 4% APY. Time to goal: about 27 months, with interest chipping in a few hundred dollars. Flip the mode: if the car is needed in exactly 24 months, the required saving is about $545/month — a $45/month premium for a 3-month-earlier deadline. Playing with the two modes like this is the fastest way to feel how deadline pressure converts into monthly dollars.
Sinking funds: the underrated use
This calculator's quiet best use isn't big dreams — it's sinking funds: predictable irregular expenses converted into calm monthly line items. Annual insurance premium of $1,400? That's $117/month into a named bucket, and the bill stops being an emergency. Holiday spending, car maintenance, vet bills, next summer's trip — each gets a goal, a deadline, and a monthly number. People who run sinking funds stop raiding their emergency fund, because fewer things surprise them. Where the monthly money comes from is a budgeting question — sinking funds live comfortably inside the savings bucket, or inside "needs" for true obligations like insurance.
Questions people ask
Where should goal money live?
Under ~3 years to the deadline: high-yield savings, full stop — you can't afford a bad market year. 3–5 years: savings or CDs maturing near the deadline. 5+ years: a case opens for investing part of it, accepting that the date might need flexibility. Money with a fixed date and a fixed amount wants boring vehicles.
Should I pause goals to pay off debt?
High-interest debt, usually yes — a 24% card outruns any savings account. Compare your debt's rate against your APY; the bigger number wins. The debt payoff calculator shows what redirecting a goal contribution buys.
What about inflation?
For goals priced in future dollars (college in 10 years), add 2–3% per year to the target. For near-term goals, today's price is close enough.