How the Savings Calculator Works
This calculator simulates monthly deposits into an interest-bearing account until you reach your savings goal. It compounds interest monthly and tells you exactly how many months (and years) it will take.
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Frequently Asked Questions
How much should I save per month?
A common guideline is to save at least 20% of your income (the 50/30/20 rule). Adjust based on your goal and timeline.
Where should I keep my savings?
For short-term goals (under 3 years), a high-yield savings account or money market fund is safest. For longer goals, consider CDs or bonds.
Does compound interest make a big difference?
Yes. At 4.5% interest, a $1,000/month savings habit earns about $13,000 in interest over 4 years on top of the $48,000 you deposited.