$15,000 goal, $2,000 saved, $500/month, 3% return
- Months to goal ≈ 25
- Balance at goal ≈ $15,043
- Total contributed ≈ $14,500
finance calculator
Savings Goal Timeline Calculator
Estimate how many months it will take to reach a savings goal given your current balance, monthly contributions, and expected return.
Results
- Months to reach goal
- 25.00
- Projected balance when goal is hit
- $15,043
- Total contributed (incl. starting balance)
- $14,500
How to use this calculator
- Enter your goal amount and current savings.
- Enter your planned monthly contribution and an expected annual return (0 for no growth).
- Review months to goal, projected balance at that time, and total contributions.
- Adjust contributions or return assumptions to speed up the timeline.
Inputs explained
- Goal amount
- Total you want to accumulate.
- Current savings
- What you’ve already saved toward this goal.
- Monthly contribution
- Planned monthly amount added to this goal.
- Annual return
- Expected rate of return; set to 0 for pure cash savings.
How it works
We iterate month by month, adding your contribution and applying the monthly return until the balance meets or exceeds the goal.
Outputs include months to goal, projected balance when reached, and total contributed (including starting savings).
Formula
Iterative monthly compounding: Balance_{n+1} = (Balance_n + Contribution) × (1 + Return/12) until Balance ≥ Goal.
Months to goal = count of iterations; Total contributions = Start + Contribution × months.When to use it
- Planning for a down payment or large purchase.
- Setting timelines for travel, weddings, or emergency fund top-ups.
- Testing how contribution increases shrink the timeline.
Tips & cautions
- Use a conservative return for short timelines (cash/HYSA) and slightly higher for longer-term invested goals.
- Bump contributions annually or with raises to accelerate the timeline.
- Keep separate buckets for short- vs long-term goals to match risk and liquidity.
- Assumes steady monthly contributions and a constant return rate.
- Does not account for taxes on investment returns.
- If return or contributions are too low relative to the goal, months may be very large (capped for practicality).
Worked examples
$20,000 goal, $5,000 saved, $600/month, 4% return
- Months to goal ≈ 24
- Balance at goal ≈ $20,431
- Total contributed ≈ $19,400
Deep dive
This savings goal timeline calculator shows how many months it takes to reach your target based on current savings, monthly contributions, and an expected return.
Use it to set realistic timelines for goals like down payments, travel, or emergency buffers and see how contribution changes affect timing.
FAQs
- What return should I use?
- For short-term goals, use 0–3% (cash/HYSA). For longer goals, you can use a modest expected return, but stay conservative.
- Can I model annual contribution increases?
- Not here. Increase the monthly contribution to approximate raises or add a buffer to your return assumption cautiously.
- Does this include taxes?
- No. It ignores taxes on returns. Use pre-tax contributions for pure savings goals.
- What if my contributions are irregular?
- This assumes steady monthly contributions. For irregular deposits, average them into a monthly amount or re-run with updated balances.
- Can this handle very high returns?
- Yes, but be conservative—unrealistic returns can understate the time needed.
Related calculators
Estimates only. Actual returns and contributions vary. Use conservative assumptions and adjust as your finances change.