Savings Calculator
Plan your savings goals with monthly deposits. See how long it takes to reach your target and how much interest you'll earn.
Year-by-Year Growth
| Year | Balance | Total Deposits | Interest Earned |
|---|---|---|---|
| Year 1 | $8,904.89 | $8,600.00 | $304.89 |
| Year 2 | $12,989.16 | $12,200.00 | $789.16 |
| Year 3 | $17,261.07 | $15,800.00 | $1,461.07 |
| Year 4 | $21,729.22 | $19,400.00 | $2,329.22 |
| Year 5 | $26,402.64 | $23,000.00 | $3,402.64 |
How Savings Grow
Savings grow through regular deposits and compound interest. The more you save and the longer you wait, the more your money grows. This calculator shows exactly how your savings will accumulate over time.
Frequently Asked Questions
How do I calculate how long to reach my savings goal?
The time depends on your current savings, monthly deposits, interest rate, and goal amount. This calculator determines exactly how many months it will take to reach your target, accounting for compound interest.
What is a good savings rate?
Financial experts recommend saving 15-20% of your income. However, any amount is better than nothing. Start with what you can afford and increase over time. High-yield savings accounts offer 4-5% APY.
How does compound interest help savings?
Compound interest means you earn interest on your interest. Each month, the interest earned is added to your balance, and future interest is calculated on the larger amount. This accelerates growth over time.
What is a high-yield savings account?
High-yield savings accounts offer significantly higher interest rates than traditional savings accounts (4-5% vs 0.01-0.5%). They are typically offered by online banks with lower overhead costs.
Disclaimer
This calculator is for informational purposes only and should not be considered financial advice. Consult with a qualified financial professional before making any financial decisions.