Savings goal calculator

By:

James Knight

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

Updated: Oct 11, 2022

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Our savings goal calculator takes the mystery out of your long-term savings plan, tabulating all of your savings efforts and telling you if you’re on track to meet your long-term financial goals. Keep reading to see how our savings goal calculator can help you plan your financial future.

How to use our savings goal calculator

To calculate your savings goals with our calculator, follow these steps:

1. Enter in your current balance, using the major currency (GBP, USD, EUR) of your choice.
2. Enter in your savings goal.
3. Enter in the size of your deposits.
4. Enter in the frequency of your deposits (i.e. weekly, monthly, quarterly, yearly).
5. Enter in the annual interest rate that your savings are generating.
6. Click calculate to see how long it will take to reach your savings goal.

How the savings goal calculator works

Our savings goal calculator pinpoints how long it will take you to reach your savings goals, based on an array of different inputs. The end result is displayed in years.

Why should I use it?

As valuable as it is to start a savings plan, it’s hard to know how much you should save, how often, and for how long, unless you have a specific goal in mind. Our savings calculator takes an abstract concept and makes it more tangible, showing you exactly how long you will need to save to reach your savings goal.

What are savings? 

Savings are the money you have set aside for use at a later date, rather than used to spend on goods and services now. You might want to save for later in life and your retirement, or for something more concrete like a new car. Either way, this savings goal calculator can help.