Save Calculator
Savings Calculator
Regular Saver
Savings APY Calculator
Use our savings goal calculator to work out how long it will take to save up for a specific goal, given your current savings and regular deposit schedule, factoring in compound interest.
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Disclaimer: Whilst every effort has been made in building our calculator tools, we are not to be held liable for any damages or monetary losses arising out of or in connection with their use. Full disclaimer.
Saving takes time, and it can be hard to visualise the big picture, given that your regular savings pot grows slowly over time and is subject to a range of variables. If you want to know how far you can stretch your nest egg, our handy calculator can help. All you need to do is:
- Enter a savings goal you'd like to achieve
- Add your current savings (if any)
- Choose a regular deposit amount and frequency
- Set your interest rate and compounding period
The tool then tells you how many months or years it will take to reach that goal, given your current savings strategy. You can also play around with the values to see how changing your monthly contribution or interest rate can make a big difference.
How long to save
Here's a handy table to give you a rough idea of how long it takes to reach common savings milestones, depending on your monthly deposit. These figures assume a 4.5% APY with monthly compounding and zero starting balance:
| Monthly Deposit | $10,000 | $25,000 | $50,000 | $100,000 | $250,000 |
|---|
| $200/mo | 3 yr 10 mo | 8 yr 8 mo | 15 yr 4 mo | 25 yr 3 mo | 41 yr+ |
| $500/mo | 1 yr 8 mo | 3 yr 10 mo | 7 yr 0 mo | 12 yr 2 mo | 23 yr 6 mo |
| $1,000/mo | 10 mo | 2 yr 0 mo | 3 yr 9 mo | 6 yr 9 mo | 14 yr 0 mo |
| $2,000/mo | 5 mo | 1 yr 0 mo | 2 yr 0 mo | 3 yr 7 mo | 7 yr 10 mo |
| $5,000/mo | 2 mo | 5 mo | 10 mo | 1 yr 7 mo | 3 yr 7 mo |
Obviously, savings without interest takes a little longer.
How long will it take to save $100k?
The time it takes to save $100,000 depends on how much you're putting aside each month and the interest rate you're receiving. Using a combination of factors such as a 4.5% APY and consistent monthly contributions, you can significantly reduce the time it takes to reach this goal.
As you can see from the table above, with a $1,000 monthly deposit and a 4.5% interest rate, you'd be looking at around 6 years and 9 months to reach $100k. With the right savings plan, this is entirely achievable.
How long will it take to save $1 million?
Saving a million dollars is a major milestone, and it doesn't happen overnight. But you'd be surprised how achievable it can be with long-term discipline. The magic of compound interest means that the earlier you start, the more your money works for you over time.
To give you a feel, with a $2,000 monthly deposit, a 7% average annual return (typical of long-term stock market performance) and monthly compounding, it would take approximately 18 years and 6 months to reach the million-dollar mark.
Regular saving and compound interest
The cornerstone of most successful savings plans is the concept of compound interest: earning interest on both the principal balance and on previously accumulated interest. This concept means that over time, your savings start growing at an increasingly faster rate.
Here's an example showing how $500/mo grows at different interest rates over 5, 10, 15 and 20 years:
| Rate | 5 Years | 10 Years | 15 Years | 20 Years |
|---|
| 0% | $30,000 | $60,000 | $90,000 | $120,000 |
| 3% | $32,323 | $69,944 | $113,540 | $164,213 |
| 5% | $34,035 | $77,641 | $133,587 | $205,517 |
| 7% | $35,825 | $86,253 | $156,659 | $255,817 |
| 10% | $38,816 | $101,559 | $199,914 | $352,950 |
As you can see, even a small difference in interest rate can have a major effect on your savings totals over time, thanks to the power of compounding. This is why it's worth shopping around for the best rates.
Effective strategies for saving
Here are some tried-and-tested tips to help you save faster, more consistently, and more effectively:
1
Automate Your Savings:Set up automatic transfers from your current/checking account to your savings on payday. By automating the process, you're less likely to skip a month or be tempted to spend the money elsewhere.
2
Follow the 50/30/20 Rule:Allocate 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. It's a popular budgeting framework that's both practical and flexible enough to adapt to your situation.
3
Pay Off High-Interest Debt:Before you start prioritizing savings at full force, it often makes sense to pay down high-interest debt (like credit cards) first. The interest you're paying on debt likely outweighs the interest you'd earn on savings.
4
Use a High-Yield Savings Account:Don't let your money sit in a low-interest checking account. Switch to a high-yield savings account or money market account to make your money work harder for you.
5
Cut Unnecessary Subscriptions:Streaming services, magazines, gym memberships — they add up quickly. Audit your subscriptions every few months and cut any you don't actively use. Redirect that cash straight into your savings.
6
Use Round-Up Apps:Apps like Acorns, Qapital, or Digit round up your purchases and invest the spare change. It's barely noticeable day-to-day but adds up over time to provide a meaningful boost to your savings balance.
7
Increase Savings With Pay Raises:Each time you receive a pay raise, commit to increasing your savings contribution by at least half the increase. You'll barely notice the difference in your spending, yet your savings growth will accelerate.
8
Build an Emergency Fund:Before saving for long-term goals, make sure you have 3–6 months of expenses set aside in a liquid, accessible account. This safety net prevents you from raiding long-term savings when the unexpected happens.
9
Track Your Progress Monthly:Use our calculator regularly to monitor your trajectory. Seeing your savings grow and your estimated completion date move closer is a powerful motivator. Visual progress keeps you accountable.
10
Take Advantage of Employer Match:If your employer offers retirement plan matching (e.g. 401k), contribute enough to get the full match. It's essentially free money — and the compound growth over decades can be substantial.
Can I increase my savings strategy over time?
Absolutely — in fact, this is one of the most powerful things you can do. By increasing your monthly contributions over time (perhaps by a fixed percentage each year), you harness both compound growth and a gradual lifestyle adjustment. Our savings calculator offers an inflation adjustment option that lets you model increasing deposits year on year.
Be aware of investment risk
It's important to remember that higher interest rates often come with higher risk. While a standard savings account offers FDIC or FSCS protection, investments in stocks, bonds, or other vehicles carry the risk of losing value. Always consider your risk tolerance and financial timeline.
Helpful resources for understanding investment risk: