Savings Goal Calculator

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Financial

Saving and Investing

Savings Goal Calculator

Savings Goal: $

Saving Period:
in years

Making Deposits:

Interest Rate: %

Answer:

$120.33

is your required Monthly deposit to
reach your goal of $15,000.00 in 10 years.

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Calculator Use

Calculates how much you will need to save on a regular basis to meet your savings goal.

How will I reach my savings goal? How much money will I need to save on a regular basis to reach my long term savings goal? Calculate the deposits required to reach a future value of a savings account.

How long will it take to save a million dollars?

Savings Goal: The amount of savings you want to have.
Saving Period: How far into the future will you be making these deposits? This is the moment in time where the value of your account will be calculated.
Making Deposits: How often will you be making deposits into your savings account?
Interest Rate: This is the annual interest rate or "stated rate" for your savings account. Also called the Annual Percentage Yield (APY).
Deposits within Period: Beginning or end; this calculator assumes you will be making deposits at the beginning of each period. For a monthly deposit example, deposits are made at the beginning of each month.
Compounding: The number of times compounding occurs per period. This calculator assumes daily compounding or 365 times per year. Savings accounts are often compounded daily.