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 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
Find out how the savings calculator works and explore the best accounts to maximize 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 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:
- Mission Valley Bank:
High Yield Savings Account - 4.50% APY - Western Alliance Bank:
High Yield Savings Account - 4.50% APY - mph.bank:
High-Yield Savings Account - 4.45% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - Prism Bank:
High-Yield Savings Account - 4.40% APY - DR Bank:
High-Yield Savings Account - 4.40% APY - Liberty Savings Bank:
High Yield Savings Account - 4.36% APY - CIT Bank Platinum Savings:
4.35% APY - Dayspring Bank:
High-Yield Savings Account - 4.30% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.29% APY
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) |
|---|---|---|
| $100/mo | $28 | $0.28 |
| $300/mo | $83 | $0.82 |
| $500/mo | $139 | $1.37 |
| $1,000/mo | $279 | $2.75 |
| $1,500/mo | $418 | $4.12 |
| $2,000/mo | $558 | $5.50 |
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 high-yield savings 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 |
- Mission Valley Bank:
High Yield Savings Account - 4.50% APY - Western Alliance Bank:
High Yield Savings Account - 4.50% APY - mph.bank:
High-Yield Savings Account - 4.45% APY - Continental Bank:
High Yield Savings Account - 4.41% APY - Prism Bank:
High-Yield Savings Account - 4.40% APY - DR Bank:
High-Yield Savings Account - 4.40% APY - Liberty Savings Bank:
High Yield Savings Account - 4.36% APY - CIT Bank Platinum Savings:
4.35% APY - Dayspring Bank:
High-Yield Savings Account - 4.30% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.29% APY
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?
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.35% APY
- 4.35% 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
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?
High-Yield CD Rates - Up to 4.50% APY
- No fees
- $1 minimum deposit
- FDIC insured
Term CD Rates 3 Month 4.50% APY 5 Month 4.40% APY 6 Month 4.40% APY 9 Month 4.35% APY 12 Month 4.25% APY 
12-Month No-Penalty CD - 4.25% APY
- $1 minimum deposit
- 24/7 online access
- Federally insured by NCUA
Certificate of Deposit
- 4.00% APY for 12-month term
- 3.80% APY for 18-month term
- 3.40% APY for 36-month term
- 3.40% 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.
- What money market account should I put my savings in?
Money Market Deposit Account - 4.55% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Money Market Deposit Account - 4.52% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
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.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
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.
Empower Personal Wealth, LLC (“EPW”) compensates CREDITDONKEY INC for new leads. CREDITDONKEY INC is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
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