Savings Goal Calculator – How Long to Save
Having some money put aside for a rainy day is never a bad thing – whether you’re saving for a particular thing or saving for the peace of mind that comes with a financial safety net. But for those that are specifically putting money away with a view to making a large purchase, starting the savings journey can be pretty exciting. For those with an idea of how much they can afford to save (per week, per month, per quarter etc.), we have the savings goal calculator. This tool lets you put in your current savings balance, your savings goal, the interest rate on your savings account, and the frequency and dollar amount of each of your deposits. The output will display the amount of time it will take to reach your savings goal, how much interest you’ll earn, and what portion of the total the interest will cover. For example if you were to start from scratch and work towards a $10,000 goal, it would take you 1 year and 4 months to get there. $9,872 would need to be deposited over that time, earning $128 interest, thus arriving at $10,000. Too easy!
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