Savings Goal Calculator


How long will it take to reach my goal?

If you wish to find out how long it will take to save a particular amount of money our savings goal calculator is just for you. 

The tool will calculate the number of months required to reach your goal according to your saving plan. The calculation will consider the amount of monthly payments, the interests earned each month and the income tax you need to pay.

The calculator will give you an exact answer regardless of your saving horizon. You can use it either for short term or long term savings goals. 

Note that for a long term saving goal measured in years you can set up an annual increase of the monthly payment. This percentage coefficient will increase your monthly payment amount after each full year of saving. 

This functionality can be used to simulate your future salary increase and therefore allow you to find out the most probable result. 

How to use a savings goal calculator?

The calculator is meant to be easy to use and all the inputs have detailed labels, however in order to avoid any misinterpretation below you can find a detailed description of each field.

Goal amount

The fixed amount of money you wish to save. It could be any number no matter how ambitious!

Note that the input is mentioning US dollars, but in fact the calculations are currency agnostic, which means the numerical result will be the same for any other currency like EURO, Swiss Franc, British Pound or Japanese Yen.  

Initial amount

The amount of money you currently have. Treat this like a seed investment. Even a small amount will speed up the saving process, because it will provide a stable stream of interest from the first month of saving.

Monthly savings

The amount of money you intend to save each month. This field is mandatory since it will be the main motor of your capital accumulation. 

Annual increase

How much you plan to increase your monthly payments each year. For long term investments we advise to set up this field to account for the future salary increases. 

Over the long run it is a real game changer to your savings plan. People often underestimate how much they can save during long periods of time. Salaries are never constant due to rise in your skills and inflation. 

Interest rate

Compound interest is the biggest ally of all savers. In this field input the expected average annual return rate from your investments. 


The compounding frequency will determine how often the interests earned will be added to your account balance. After the compounding operation the base amount for future interest calculations will be higher for each subsequent compounding period. Thanks to this your capital accumulation will accelerate. 

Our savings goal calculator will allow your to choose between three options monthly, quarterly, annually.  

Tax rate

The income tax rate for your interest earnings. The tax rate is applied after each compounding period and will decrease the amount of interest that is added to your savings balance. 

How much to save a month?

According to the most popular guidelines it is best practice to save at least 20% of your salary.  However the exact answer is a very individual matter and depends on your earnings and your savings target. 

If you wish to find out the exact amount of money you need to save per month in order to reach your goal you may play with different settings of the calculator above. 

Note that even small but regular monthly savings could accumulate to high values in the long term. Check out how much you could get if you save $100 a month or $500 a month if you have a bigger budget.

How to achieve your monthly savings goal?

Achieving a monthly saving goal is not that hard if you follow the best practices.

  1. Setup realistic goals. Calculate your monthly living costs and then estimate how much you could potentially save each month. 
  2. Create the resolution for example: Save $500 a month. Don’t be too hard on yourself otherwise you will not be able to keep the resolution.
  3. Pay yourself first, which means you should save your target amount once you receive the salary and start spending the rest of your money only after you put your savings aside.
  4. Make this a habit!

Helpful tools

Calcopolis is not just this one tool. We are providing many online tools that help you prepare your savings plan. For example, a regular savings calculator will let you find out how much you could save during a fixed period of time.  

If you wonder how long savings last once you reach your goal check out our other calculator.


Created by Lucas Krysiak on 2022-06-11 15:21:45 | Last review by Mike Kozminsky on 2022-06-23 16:02:23

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