Savings Calculator
Project savings growth with deposits and interest toward a goal.
How to use this tool
- Enter current balance, monthly deposit, rate and years.
- Or set a goal amount and let the tool solve for the required deposit.
- Toggle inflation adjustment.
- View future balance and total contributions.
How it works
Each period the balance grows by deposits and interest: balance = balance × (1+monthly rate) + deposit. Solving for deposit reverses that with the goal as the end state.
Tips
- Automate the deposit the day after payday.
- High-yield savings now pay meaningfully more than checking — shop around.
- Use inflation adjustment for goals more than 3 years out.
Limitations
Assumes constant rate and deposits; penalty-free access assumed.
Frequently asked questions
How much do I need to save monthly for a goal?
The tool solves for the monthly deposit that reaches your target at a given rate within your time frame.
Does it include inflation?
Yes — toggle 'inflation-adjusted target' and it converts your goal to future dollars.
What is the APY?
Annual percentage yield — the effective rate after compounding. Use it if your bank quotes it.