Savings Goal Calculator
Find out how many months it will take to reach your savings target with your regular monthly contributions and interest.
Your Savings Target
Time to Reach Goal6y 5mo
Your Savings Plan
10%saved
Time to Goal
6y 5mo
Goal: £50,000
Contributions: £38,294Interest: £6,706
Goal Amount£50,000
Current Savings£5,000
Monthly Contribution£500/month
Months to Goal77 months
Total Contributions£38,294
Interest Earned£6,706
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How It Works
The savings goal calculator solves for time using the future value of a series formula in reverse. Given your goal amount, current balance, monthly contribution, and interest rate, it calculates exactly how many months it will take to reach your target.
The formula used is: months = log(1 + (needed × r / PMT)) / log(1 + r), where r is the monthly interest rate and PMT is your monthly contribution.
Adjust the monthly contribution slider to see how saving more each month dramatically shortens your timeline.
Frequently Asked Questions
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