Savings Goal Calculator
Calculates how much you will need to save on a regular basis to meet your savings goal.
How will I reach my savings goal? How much money will I need to save on a regular basis to reach my long term savings goal? Calculate the deposits required to reach a future value of a savings account.
How long will it take to save a million dollars?
- Savings Goal
- The amount of savings you want to have.
- Saving Period
- How far into the future will you be making these deposits? This is the moment in time where the value of your account will be calculated.
- Making Deposits
- How often will you be making deposits into your savings account?
- Interest Rate
- This is the annual interest rate or "stated rate" for your savings account. Also called the Annual Percentage Yield (APY).
- Deposits within Period
- Beginning or end; this calculator assumes you will be making deposits at the beginning of each period. For a monthly deposit example, deposits are made at the beginning of each month.
- The number of times compounding occurs per period. This calculator assumes daily compounding or 365 times per year. Savings accounts are often compounded daily.
Cite this content, page or calculator as:
Furey, Edward "Savings Goal Calculator" at https://www.calculatorsoup.com/calculators/financial/savings-goal-calculator.php from CalculatorSoup, https://www.calculatorsoup.com - Online Calculators
Last updated: November 12, 2018