By James Moore

December 11, 2023

Savings Goal Calculator by

Setting attainable savings goals is a crucial part of the journey toward financial success. Whether you’re squirreling away tips for a rainy day, saving for a much-needed vacation, or paying your kids’ way through college, having a plan can often mean the difference between success and failure.

Use our Savings Goal Calculator below to get your bearings. Fill out the information for a helpful visual guide, mapping your goal from start to finish, and get a head start with our best coupons from hundreds of top retail brands.

(Note: Our Historical Inflation Calculator works for U.S. dollars only. For an Inflation Calculator using U.K. currency, visit our partner Savoo.)

Calculator Terms

Desired Savings Goal

The amount in dollars you’re aiming for — think a $20,000 down payment or a $1,000 fund for next year’s Christmas shopping.

Current Savings Balance

Any money you’ve already saved toward your goal (great job on the headstart!).

Before-Tax Return on Savings (-12% to 12%)

If you’re investing your savings, use this slider to project the annually compounded rate of return you’re expecting on your money. If you aren’t investing your money, leave this value at 0% or enter the interest rate your savings account offers. The average rate of return on the S&P 500, including reinvestment of dividends, was 11.3% between January 1, 1970 and December 31, 2022.

Note that all projections are entirely hypothetical. While we do our best to offer accurate financial information based on previous data, it’s impossible to predict future market movement. Projections do not constitute financial advice. All investments carry a level of risk, including the risk of loss on investment. We recommend consulting a financial advisor before deciding on the type of investment that’s best for you.

Working Towards Your Goal

Congratulations on taking the first step toward your goal! Now that you have an idea of your timeline, here are a few tips to keep you on the right track:

  • Speak with a financial advisor: This calculator is a great start, but expert guidance is always recommended before deciding on an investment strategy. Consider a legal service provider like Nolo to find the right advisor for your needs.
  • Consider where to keep your savings: If you’re saving for a long-term goal, consider where you might keep your money while it grows. Some choose to open a completely separate savings account for important goals, while others handle their funds in an entirely different manner. Take some time to strategize and find the best financial fit for your needs.
  • Create a budget: You’ve got your monthly savings number, but that’s got to come from somewhere! Find creative ways to save the money you need each month to stay on track — whether that means searching for ways to save on groceries or just cutting back on caffeine. It’s surprising how much you can save with a few tweaks. Check out our Vice Savings Calculator to see how much in savings one less coffee a week can net you over the course of a year.
  • Prepare to stock your house: Most Americans don’t purchase move-in-ready, “turnkey" properties — there’s a lot more to consider once the mortgage is signed. Consider setting aside a line item on your budget for important household goods. Keep an eye out for discounted appliances close to holidays like Black Friday and Labor Day, and set aside a small amount per month to fill your house with decor and other essentials.