A savings calculator lets you see how your money can grow over time and what you need to save to reach a goal.
Step-by-step instructions
Choose your goal
Decide what you’re saving for (emergency fund, car, vacation, house down payment) and when you want to reach it.Enter your starting balance
Type in how much you already have saved, or enter 0 if you’re starting from scratch.Add your regular contribution
Enter how much you plan to deposit on a regular schedule (for example, every month). This might be a fixed dollar amount from your budget.Set the time frame
Choose how long you will save (in months or years). This is your saving “timeline” and should match your goal’s deadline.Enter the interest rate (APY)
Type in the annual interest rate you expect to earn on your savings account. You can use your bank’s stated APY or estimate based on similar accounts.Check compounding, if available
If the calculator asks how often interest is compounded (annually, monthly, daily), select the option that matches your account or leave the default if you’re unsure.Run the calculation
Click the calculate button to see:Your projected total balance at the end of the period
How much of that total is money you deposited
How much is interest earned
Adjust the numbers
Change the monthly contribution, time frame, or interest rate to see how your results change. This helps you decide whether to:Save more each month
Extend your deadline
Look for a higher-interest account
Example: If you want to save 5,000 in two years, you can use the calculator to test different monthly amounts until the final number reaches your target.