How long until you reach your goal?
Your savings grow by your monthly deposit plus interest. The calculator simulates each month: the balance earns monthly interest, then the deposit is added, until it reaches your goal. With no interest, time is simply the remaining amount divided by the monthly deposit — interest shortens that meaningfully over years.
The biggest lever is the monthly amount. Doubling what you save can cut the timeline nearly in half; a 4% rate only shaves a few months off a years-long goal. So focus on consistency first, then on where the savings sit. Emergency funds, holiday savings and house down payments are the classic uses.
Savings rules of thumb
- Emergency fund: 3-6 months of expenses
- Pay yourself first — automate the monthly transfer
- Keep short-term goals in savings accounts, not stocks