Savings Goal Calculator: Hit Your Target

Use this savings goal calculator to solve your target two ways: how long until you reach the goal at your current monthly rate, or how much you need to save monthly to hit it by a chosen date.

What are you solving for?

Goal amount

Current balance

Monthly contribution

Months to deadline

months

Account APYHYSA ≈ 4.5%, checking ≈ 0%

Months to goal0

Reach date—

Total contributions$0

Interest earned$0

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How this calculator works

The savings-goal math runs in two directions. Forward: given monthly contributions, find how many months until you hit the target. Inverse: given a deadline, find the required monthly contribution. Both directions use the same future-value-of-an-annuity formula at the heart of every retirement and savings projection.

The two formulas

forward (months): n = log((target × m + PMT) / (current × m + PMT)) / log(1 + m)
inverse (PMT): PMT = (target − current × (1 + m)ⁿ) × m / ((1 + m)ⁿ − 1)

m: Monthly rate = (1 + APY)^1/12 − 1
n: Number of months
PMT: Monthly contribution (assumed end-of-month)

What APY to use

The APY input drives the entire projection. Use the rate of the actual account holding the money: a high-yield savings account is currently 4–5%; a CD is 4–5% with a withdrawal penalty; checking is effectively 0%. Don't use stock-market returns — equities can lose 30% in a year, which the calculator's model doesn't allow for.

The zero-interest case

For a 0% account, the math collapses to n = (target − current) / PMT — pure division. At 4.5% APY over 5 years, accrued interest covers roughly 1 month of contributions for free, which is why parking your goal money in an HYSA matters more than most people realize.

Source: Standard future-value-of-annuity-due formula. The same math is used by the SEC Investor.gov compound interest calculator.

FAQ

How do I calculate my savings goal?

Pick the target dollar amount, then divide by the months you have until the deadline to get the basic monthly contribution. The calculator above adds compounding from your APY, which means a real high-yield account requires a slightly lower monthly contribution than a 0% checking account would.

What APY should I assume?

Use whatever your actual savings vehicle pays. A high-yield savings account is 4–5% in 2026; a checking account or jar is 0%. Don't use stock-market returns for an emergency fund or short-term goal — the calculator assumes the APY is guaranteed, which equities are not.

How long will it take to save my goal amount?

Set the calculator to Time mode, enter the goal, current balance, monthly contribution, and APY. The result is the number of full months until your projected balance crosses the target. The reach date below converts that to a calendar month — useful for setting a deadline.

Why does the answer say 'never'?

The calculator returns infinity (∞) when your monthly contribution is too small to overcome the gap, even with compounding. This typically means the target is much larger than current balance + PMT × 12. Either increase the monthly amount, lower the target, or accept the longer horizon.

Should I save in a single account or split goals?

Split for clarity. A single HYSA with sub-accounts (Ally 'buckets', Capital One sub-savings, SoFi 'vaults') lets you track each goal independently while keeping all your cash in one APY. The calculator assumes ONE goal — run it once per goal you're tracking.