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.

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.

  1. First, enter how much you currently have in savings. This is your starting point.

  2. Then, add your savings goal.

  3. Next, enter how much you plan to deposit into your savings regularly and how often you'll make deposits.

  4. 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 the total amount of 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:

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)

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.

  • 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 GoalIf You Saved $200/monthIf You Saved $300/monthIf You Saved $400/month
$5,00025 months17 months13 months
$10,00050 months34 months25 months
$20,000100 months67 months50 months
$30,000150 months100 months75 months
$40,000200 months134 months100 months
$50,000250 months167 months125 months
$60,000300 months200 months150 months
$70,000350 months234 months175 months
$80,000400 months267 months200 months
$90,000450 months300 months225 months
$100,000500 months334 months250 months

Supercharge your savings with these excellent savings accounts:

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?

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?

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.

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.

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 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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Savings Calculator

By Donna Tang - Tips for How Much Should I Save?
Your money earns interest in your savings account. But how quickly will it grow? Use this free savings calculator to see how much you'll earn over time.
How much have you saved already?
70% Less than $1,000
13% $1,000 - $5,000
6% $5,000 - $15,000
3% $15,000 - $25,000
3% $25,000 - $50,000
2% $50,000 - $100,000
3% Over $100,000
Source: CreditDonkey poll of 10,370 respondents
What are you saving money for?
12% Retirement
6% College
37% House
6% Vacation
2% Christmas
28% Car
8% Emergency Fund
Source: CreditDonkey poll of 10,866 respondents. Totals may not add to 100% due to rounding.
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