Savings Calculator

Plan your savings goals and see how long it takes to reach them. Calculate the impact of regular deposits and interest on your savings growth.

Savings Plan

Time to Goal

3y 6mo

June 2029

Interest Earned

$2,124

Final Balance$25,124
Total Deposited$23,000
Current Progress8.0%

$2,000 of $25,000

Your Savings Goal

Current Savings

025,000

Monthly Deposit

503,000

Interest Rate

%

Current high-yield savings accounts offer 4-5% APY. Traditional banks offer 0.01-0.5%.

Savings Growth

Savings Breakdown

Starting Amount
$2,000
Your Deposits
$21,000
Interest Earned
$2,124

Impact of Monthly Deposits

Monthly DepositTime to GoalInterest EarnedTotal Deposited
$200/mo7y 9mo$4,522$20,600
$400/mo4y 4mo$2,635$22,800
$600/mo3 years$1,855$23,600
$800/mo2y 4mo$1,481$24,400
$1,000/mo1y 10mo$1,146$24,000

Savings Milestones

25% - $6,250
Sep 2026
50% - $12,500
Aug 2027
75% - $18,750
Aug 2028
100% - $25,000
Jun 2029

Quick Answer

A savings calculator shows how your money grows over time with interest and regular contributions. Enter your starting amount, monthly contribution, interest rate, and time period at practicalwebtools.com to see your future savings balance. High-yield savings accounts currently offer 4-5% APY, making regular saving more rewarding than ever.

Key Facts

  • High-yield savings accounts offer 4-5% APY in 2025
  • Compound interest grows savings faster than simple interest
  • Emergency fund goal: 3-6 months of expenses
  • $200/month at 5% for 5 years = $13,600+ (vs $12,000 without interest)
  • Automatic transfers make consistent saving easier
  • Savings account interest is taxable income
  • FDIC insures up to $250,000 per depositor per bank

Frequently Asked Questions

A common guideline is the 50/30/20 rule: 50% for needs, 30% for wants, and 20% for savings. However, your ideal savings rate depends on your goals, income, and expenses. For retirement, experts recommend saving 10-15% of your income.
A high-yield savings account (HYSA) offers significantly higher interest rates than traditional savings accounts - often 10-20x more. As of 2024, top HYSAs offer 4-5% APY compared to 0.01-0.5% for traditional accounts. They are FDIC insured and ideal for emergency funds.
Compound interest earns interest on your interest, accelerating growth. Over time, even small interest rates make a significant difference. $10,000 at 5% for 20 years grows to $26,533 with compounding vs $20,000 with simple interest.
Generally, if your debt interest rate exceeds potential savings returns, prioritize debt. However, always maintain a small emergency fund ($1,000) first. For low-interest debt (under 4%), you might save while making minimum payments.
Priority order: 1) Emergency fund (3-6 months expenses), 2) Employer 401k match (free money), 3) High-interest debt payoff, 4) IRA/Roth IRA, 5) Additional retirement savings, 6) Other goals (house, car, vacation).