How Long Will It Take to Save Calculator
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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.
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Saving up for a tropical getaway, a down payment, or maybe even a new car?
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
Find out how the savings calculator works and tips for maximizing your savings in this guide.
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.
Reach Your Savings Goal Faster
You can grow your savings faster and safely by putting your money into a high-yield account. These accounts pay much higher interest rates than traditional banks.
Here's the difference when you use a high-yield account. You can see how a higher interest rate will supercharge your savings.
| Savings per month | Big Bank (0.01% APY) | Online Bank (4.0% APY) |
|---|---|---|
| $250/mo for 5 years | $15,004 | $16,604 |
| $500/mo for 5 years | $30,007 | $33,208 |
| $1,000/mo for 5 years | $60,015 | $66,417 |
| $1,500/mo for 5 years | $90,022 | $99,625 |
| $2,000/mo for 5 years | $120,030 | $132,834 |
Below are the current best savings accounts. You can even snag a cash bonus to give your savings an extra boost.
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 CY223 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 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
High Yield Savings Account - 5.05% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
CIT Bank Platinum Savings - 4.85% APY
- 4.85% 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
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 interest-bearing 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 |
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.
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 CY223 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 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
High Yield Savings Account - 5.05% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
Discover Online Savings - $150 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 CY223 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 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
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.
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 |
CIT Bank No Penalty CD - 4.90% APY
- 4.90% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
Certificate of Deposit
- 4.75% APY for 12-month term
- 4.30% APY for 36-month term
- 4.00% APY for 5-year term
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.
Money Market Deposit Account - 5.01% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
UFB Premier Money Market - Earn 4.81% APY
- Earn 4.81% APY*
- No monthly maintenance fees with a $5,000.00 balance, otherwise fee is $10.00 per month.
- Access your funds 24/7 with easy-to-use digital banking tools
- Enjoy peace of mind with FDIC insurance up to the maximum allowable limit – Certificate #35546.
Money Market Deposit Account - 4.45% APY
- No fees
- $1 minimum deposit
- 24/7 online access to funds
- Federally insured by NCUA
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.
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 CY223 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 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
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.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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