Find how long it takes to reach a savings goal.
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How long will it take to reach my savings goal?
The balance grows each month by any return plus your deposit until it reaches the target, and the tool counts the months required. A higher return reaches the goal sooner; with a zero deposit and savings below the goal, it is unreachable. For example, saving 1,000 per month with no interest reaches a 12,000 goal in 12 months.
Understanding your result
A higher return reaches the goal sooner. If the deposit is zero and savings are below the goal, it is unreachable.
Formula and method
The balance grows each month by the return plus your deposit until it reaches the goal; the tool counts the months required.
Assumptions and limitations
The timeline assumes a steady deposit and a constant return; real interest rates and your ability to save may vary month to month.
Worked example
Saving 1,000 per month with no interest reaches a 12,000 goal in 12 months.
How to use this tool
- Enter your goal and current savings.
- Add your monthly deposit and optional return.
- Press Calculate.
Common mistakes to avoid
- Forgetting to include your current savings.
About the Savings Goal Calculator
Work out how long it will take to reach a savings goal given a regular monthly deposit and an optional return rate.
Who should use this tool
Savers working toward a specific target — an emergency fund, a holiday, a deposit — who want a realistic timeline.
Benefits
- See exactly how many months your plan needs.
- Account for an optional interest or return rate.
- Adjust the deposit to hit a deadline.
Practical use cases
- Planning an emergency fund.
- Saving for a holiday or large purchase.
- Building a house deposit over time.
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Frequently asked questions
What if I add a return rate?
The balance compounds monthly, so you reach the goal a little faster.
What happens if my deposit is too small to reach the goal?
If you set no return and the deposit alone cannot reach the target, the goal is mathematically unreachable and the tool will indicate this. Increasing the monthly deposit, adding an expected return, or extending the horizon are the levers that bring the goal within range.
How does adding a return rate change the timeline?
A return means your balance grows from both your deposits and the interest earned, so the goal arrives sooner than with deposits alone. The higher the assumed rate, the greater this effect, though real returns vary and are not guaranteed over any period.