Savings goals
How long does it take to save $5,000?
Starting from $0, saving $250 a month reaches $5,000 in 1 year and 8 months, with no interest.
The example at a glance
- $125 each month
- 3 years and 4 months
- $250 each month
- 1 year and 8 months
- $375 each month
- 1 year and 2 months
- $500 each month
- 10 months
Make the example fit your life
Already having $1,250 reduces the remaining target to $3,750. At $250 a month with no interest, that would take 1 year and 3 months. Compare up to four plans below to choose a contribution that fits your budget.
Does adding interest guarantee an earlier finish?
The calculator assumes a fixed rate and monthly compounding. Actual savings rates, taxes and fees can change the outcome. Keep the 0% scenario as a contribution-only comparison and use a rate appropriate to your account for another scenario.
Explore another example
These examples show the stated assumptions. Calculators and reports are educational estimates; rates and local costs can differ. Calculation assumptions.