# Savings Goal Calculator

## Calculator Use

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 Yeild (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.
- Compounding
- 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"; from *https://www.calculatorsoup.com* - Online Calculator Resource.