Savings goal calculator (time to target)

How to use the Savings Goal Calculator

1. Set your target amount
   In Target amount, type the final balance you want (e.g., 10000).
2. Add your starting balance
   Enter what you already have saved in Starting balance (e.g., 1500). Leave as 0 if you are starting from scratch.
3. Choose your monthly contribution
   In Monthly contribution, type how much you can save each month (e.g., 250). This field is optional. You can set it to 0 if you only want interest to grow your savings.
4. Enter the interest rate (APR %)
   Type your expected yearly interest rate in APR % (e.g., 4.5). Use your bank’s rate. You can also use 0 for no interest.
5. Pick deposit timing
   Choose End of month or Beginning of month. Beginning of month earns a little more interest because deposits land earlier.
6. Calculate
   Click Calculate (or press Enter in a field). Your timeline and totals will appear.

Read your results

• Time to target: How many years and months it will take to hit your goal.
• Finish date: The month and year you are likely to reach the target.
• Balance at finish: Your ending balance when the goal is reached.
• Total contributed: The sum of your starting balance and all monthly deposits.
• Interest earned: How much growth came from interest alone.
• Yearly breakdown table: For each year you see start balance, total deposits, interest earned, and end balance.
• Monthly compounding and Deposit timing badges confirm the settings used.

Quick examples

• Beginner saver: Target = 5,000 · Start = 0 · Monthly = 200 · APR = 3% · Timing = End → Click Calculate.
• Faster track: Target = 10,000 · Start = 1,500 · Monthly = 300 · APR = 4.5% · Timing = Beginning.
• No interest case: Target = 2,400 · Start = 0 · Monthly = 200 · APR = 0% → Exactly 12 months.

Pro tips

• Want to finish sooner? Increase the monthly amount or pick Beginning of month deposits.
• Can’t reach the goal? Raise the monthly deposit, add a starting lump sum, or try a higher APR (if realistic).
• Keep inputs clean: Use digits and a decimal point only (e.g., 250, 250.50).

Troubleshooting

• “Enter a target amount” → Type a positive number in Target amount.
• “Enter a valid APR” → Use a number like 4.5 or 0 (no % symbol).
• “Amounts cannot be negative” → Make sure all amounts are 0 or higher.
• The plan never reaches the target → Increase monthly deposits or APR, or lower the target.

Notes: Results use monthly compounding from the APR and assume a constant rate with no tax or fees. Real accounts may vary.