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FinanceChauffeur

Savings goal calculator

A goal without a date is a wish. Enter the target, what you can save monthly, and get the month you'll hit it — plus what interest chips in along the way.

A car, a trip, a down payment, a wedding — anything with a price tag.

High-yield savings accounts pay ~4%; a regular checking account is ~0.

Time to goal

2y 2m

Goal reached

—

Still to save

$8,000

$2,000 of $10,000

20%

Where the money comes from

Already saved
$2,000
Your deposits (26 × $300)
$7,800
Interest earned at 4% APY
$515
Balance at goal
$10,315
Interest is doing some lifting: in a 0% account this would take 2y 3m — the 4% APY gets you there 1 month sooner and pays you $515 for parking the money in the right place.

Assumes deposits at the end of each month with interest compounded monthly; APYs change over time. For goals more than ~5 years out, also read about investing your first $100.