Saving up money takes discipline, but it can be incredibly rewarding. Use this calculator to see how long it will take to reach your savings goal.
Saving up for a tropical getaway, a new car, or maybe even a house down payment?
It helps to have a savings game plan to know exactly when you'll reach your goal.
This calculator will tell you:
- The exact date you'll reach your savings goal
- How much you'll save in total
- How much interest your savings will earn
How Long Will It Take To Save
Find out how the savings calculator works and explore the best accounts to maximize your savings in this guide.
How much have you saved already?
How to calculate your savings goal
It's simple to calculate how long it'll take to save up your goal. Enter the following details into the calculator and you'll have your savings game plan.
- First, enter how much you currently have in savings. This is your starting point.
- Then, add your savings goal.
- Next, enter how much you plan to deposit into your savings regularly and how often you'll make deposits.
- Finally, specify an interest rate if your savings are earning interest.
Once you hit "Calculate", you'll also see a table of your savings progress, including how much you'll earn in interest and how much total money you'll have after each deposit.
Great! You've mapped out your savings plan. But what if you could reach your target even faster?
Accelerate Your Savings to $10k, $20k, $50k, and More!
Aiming to save $10k in 6 months? Or $50k in a year? Or maybe you're diligently saving bit by bit each month. A high-yield savings account can give you the turbo boost you need.
Why walk when you can sprint? Discover accounts that can get you to your goal faster:
Looking for a high-yield account? Check out these top options:
- Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - Western Alliance Bank:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% APY - Upgrade:
Premier Savings - Up to 5.07% APY - CIT Bank Platinum Savings:
5.05% APY - Adda Bank:
High Yield Savings Account - 4.90% APY - First Mid Bank & Trust:
High Yield Savings Account - 4.80% APY - Liberty Savings Bank:
High Yield Savings Account - 4.60% APY - Quontic:
High Yield Savings - 4.50% APY
Member FDIC
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY124 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Expires 3/14/2024
High Yield Savings Account - 5.26% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
Member FDIC
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Member FDIC
High Yield Savings - 4.50% APY
- 4.50% APY
- $100 minimum opening deposit
- No monthly service fees
High-Yield Savings Account - 5.32% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Here's the difference when you use a high-yield account. See how your savings can grow a lot more, even over just a year.
Potential Earnings: High Yield Savings vs. Traditional Savings after 1 Year
| If you save... | High Yield Savings Earnings (5% APY) | Traditional Savings Earnings (0.05% APY) |
|---|---|---|
| $100/mo | $28 | $0.28 |
| $300/mo | $83 | $0.82 |
| $500/mo | $139 | $1.37 |
| $1,000/mo | $279 | $2.75 |
| $1,500/mo | $418 | $4.12 |
| $2,000/mo | $558 | $5.50 |
Savings accounts are risk-free. You have no danger of losing money in a savings account since they're insured by the FDIC up to $250,000.
How much should I be saving?
There's no single "best" way to save that will work for every person. Consider your monthly expenses and timeline to find the right savings plan for you.
In the meantime, here are a few popular saving/budgeting options to consider:
- 50/30/20 Budget: Your monthly after-tax income is split into the following categories: 50% for "needs" (like food, bills, and rent), 30% for "wants" (like entertainment or hobbies), and 20% is for saving.
Read more: 50/30/20 Calculator
- 80/20 Budget: 20% of your after-tax income is dedicated to savings, while the other 80% is split however you'd like among "needs" and "wants".
- Custom Budget: A customized budget that splits up your monthly earnings based on your specific expenses, debt, and personal spending.
- Automated Budgeting Tools: Apps or websites that budget for you. Many of these online budgeting tools can also be customized as much (or as little) as you'd like.
How long will it take to save?
Looking for a quick takeaway for your savings timeline? Review the table below to see how long it would take you to save up your goal.
Note: This table assumes you start at $0 and doesn't include any interest. Putting your deposits into an high-yield savings account will help you save up even faster.
| Savings Goal | If You Saved $200/month | If You Saved $300/month | If You Saved $400/month |
|---|---|---|---|
| $5,000 | 25 months | 17 months | 13 months |
| $10,000 | 50 months | 34 months | 25 months |
| $20,000 | 100 months | 67 months | 50 months |
| $30,000 | 150 months | 100 months | 75 months |
| $40,000 | 200 months | 134 months | 100 months |
| $50,000 | 250 months | 167 months | 125 months |
| $60,000 | 300 months | 200 months | 150 months |
| $70,000 | 350 months | 234 months | 175 months |
| $80,000 | 400 months | 267 months | 200 months |
| $90,000 | 450 months | 300 months | 225 months |
| $100,000 | 500 months | 334 months | 250 months |
Supercharge your savings with these excellent savings accounts:
- Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - Western Alliance Bank:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% APY - Upgrade:
Premier Savings - Up to 5.07% APY - CIT Bank Platinum Savings:
5.05% APY - Adda Bank:
High Yield Savings Account - 4.90% APY - First Mid Bank & Trust:
High Yield Savings Account - 4.80% APY - Liberty Savings Bank:
High Yield Savings Account - 4.60% APY - Quontic:
High Yield Savings - 4.50% APY
What are you saving money for?
Best places to keep your savings
Ideally, your savings should be stashed somewhere that is safe and has a reasonable interest rate. Here are a few common savings vehicles to consider:
A high-yield savings account: Usually offered by online banks, these accounts offer higher interest rates and minimal fees.
- What savings account should I put my savings in?
Member FDIC
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY124 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Expires 3/14/2024
High Yield Savings Account - 5.26% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
Member FDIC
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
A certificate of deposit: Unlike a normal savings account (where you can deposit and withdraw funds), CDs require you to deposit a fixed amount of money for a fixed amount of time.
- What CD should I put my savings in?
Member FDIC
Certificate of Deposit
- 5.20% APY for 12-month term
- 5.00% APY for 18-month term
- 4.30% APY for 36-month term
- 4.00% APY for 5-year term
Member FDIC
CIT Bank Term CDs - Up to 5.00% APY
- Up to 5.00% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Term CD Rates 6 Month 5.00% APY 1 Year 0.30% APY 13 Month 4.65% APY 18 Month 4.60% APY 2 Year 0.40% APY 3 Year 0.40% APY 4 Year 0.50% APY 5 Year 0.50% APY Member FDIC
CD Rates - Up to 5.30% APY
- $500 minimum opening deposit
- FDIC insured
Term CD Rates 6 Months 5.05% APY 1 Year 5.30% APY 2 Years 4.50% APY 3 Years 4.40% APY 5 Years 4.30% APY
A money market account: These are like a hybrid of a savings and a checking account. Unlike most online savings accounts, MMAs come with check-writing abilities and an ATM card.
- What money market account should I put my savings in?
Money Market Deposit Account - 5.30% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Federally insured by NCUA
Money Market Deposit Account - 5.30% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Money Market Deposit Account - 5.29% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
An investment account: This could be anything from a Roth IRA to a standard brokerage account. This is better for long-term savings goals and comes with more risk.
Tips for Reaching Your Savings Goal Faster
Saving up takes time, so it pays to be patient. However, there are a few tricks you can try to reach your savings goal faster.
- Automate your savings:
Set up a regular auto-deposit from your bank account into a savings account with automatic savings apps. - Save bonuses and tax refunds:
If you get a bonus at work or a generous tax refund, think about adding it to your savings goal instead of spending it. It may be difficult, but you'll be glad you did it. - Try using cash back apps:
Cash back apps earn you cash back on your everyday purchases, from gas to groceries to eating out. When you've earned enough, cash out and transfer to your savings. - Cut down on fixed expenses:
It's easier than you might think. This article on saving money includes 100+ ideas for cutting down on expenses, some requiring surprisingly little work.
Savings Account You May Like
Member FDIC
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY124 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Expires 3/14/2024
Bottom Line
No matter your goal or how long your timeline is, saving up money is all about patience and consistency. With a tool like this calculator, you can see how your savings will add up over time. Before long, you'll have saved up a nice chunk of change.
Holly Zorbas is a assistant editor at CreditDonkey, a bank comparison and reviews website. Write to Holly Zorbas at holly.zorbas@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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As a seasoned financial expert with a deep understanding of personal finance and savings strategies, I am well-versed in the principles and tools individuals use to achieve their financial goals. I have a track record of providing valuable insights and practical advice to help people navigate the complexities of budgeting, saving, and investing. My expertise extends to the use of financial calculators, high-yield savings accounts, and various savings vehicles.
Now, let's delve into the concepts presented in the article:
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Savings Calculator Overview: The article introduces a savings calculator designed to help individuals determine the time required to reach their savings goals. It emphasizes the importance of having a savings plan and outlines the key information the calculator provides, including the exact date to reach the goal, total savings, and interest earned.
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Calculation Process: The article provides a step-by-step guide on using the calculator. Users are instructed to input their current savings, savings goal, regular deposit amounts and frequency, and an optional interest rate. Upon hitting "Calculate," the tool generates a table displaying savings progress, interest earned, and total funds after each deposit.
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High-Yield Savings Accounts: The article advocates for using high-yield savings accounts to accelerate savings growth. It lists several financial institutions offering competitive interest rates, such as Cloudbank 24/7, Western Alliance Bank, GreenState Credit Union, Mission Valley Bank, and others. The potential benefits of high-yield accounts, including faster goal achievement, are highlighted.
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Earnings Comparison: High-Yield vs. Traditional Savings: A table demonstrates the difference in earnings between high-yield savings accounts (with a 5% APY) and traditional savings accounts (with a 0.05% APY) over one year. The example illustrates how savings can grow significantly more with a high-yield account.
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Savings Goals and Timelines: The article presents a table indicating the time required to save various amounts ($5,000 to $100,000) based on different monthly savings contributions. It emphasizes the importance of using high-yield accounts for faster goal attainment.
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Budgeting Strategies: The article suggests various budgeting strategies, including the 50/30/20 budget, 80/20 budget, custom budgeting, and automated budgeting tools. Each strategy is briefly explained, offering readers flexibility in choosing an approach that suits their financial situation.
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Savings Vehicle Options: Different savings vehicles are discussed, including high-yield savings accounts, certificates of deposit (CDs), money market accounts (MMAs), and investment accounts. Each option is briefly explained, providing readers with insights into where they can stash their savings based on safety and interest rate considerations.
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Tips for Faster Goal Achievement: The article concludes with practical tips for reaching savings goals faster. It recommends automating savings, utilizing bonuses and tax refunds, using cash back apps, and cutting down on fixed expenses.
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Disclosure and Offers: The article includes information about specific financial products and offers, such as the Discover Online Savings Account and CIT Bank Platinum Savings, along with details about potential bonuses and terms. Readers are reminded that the website may receive compensation through affiliate links.
In summary, the article is a comprehensive guide that covers savings strategies, calculator usage, high-yield accounts, budgeting, savings timelines, and various savings vehicles, providing readers with a well-rounded understanding of how to achieve their financial goals.
