How long will it take to reach my savings goal?
Enter your goal, what you have saved, your monthly deposit and the APY on your savings. The calculator adds a month of interest and your deposit at a time until you reach the goal, and shows how long it takes. It also works backward: give it a target time and it shows the monthly deposit you need to finish on schedule.
Interest helps, but for goals a few years away your deposits do most of the work. Raising the monthly amount is usually the fastest way to get there sooner.
Tips to reach a savings goal faster
- Automate it – schedule a transfer on payday so the money is saved before you can spend it.
- Use a high-yield savings account – online banks often pay much more than a traditional savings account, with the same FDIC protection.
- Give each goal its own account – separate buckets for an emergency fund, a car or a vacation make progress easy to see.
- Save windfalls – put part of tax refunds, raises and bonuses toward the goal.
Frequently asked questions
Where should I keep money for a short-term goal?
For goals within about five years, keep the money somewhere safe and easy to reach: a high-yield savings account, a money market account or CDs. Stocks can fall right when you need the cash.
How much should I have in an emergency fund?
A common target is three to six months of essential expenses. Start with a smaller goal, such as $1,000, and build from there.
What is APY?
APY, or annual percentage yield, is the yearly return including compound interest. It lets you compare savings accounts and CDs fairly.