Calculate How Long to Reach Your Savings Goal
Free savings goal calculator with compound returns. Enter your target, current savings, and monthly contribution to see how long it takes. Includes reverse calculation for required monthly amount.
How It Works
FV = PV(1+r)^n + PMT × [((1+r)^n - 1) / r]Future Value equals your current savings compounded over time, plus the future value of all monthly contributions. The calculator iterates month by month until your balance reaches the target. If it can't reach the goal in 50 years, it reverse-calculates the required monthly amount.
Quick Tips
SIP Returns
Nifty 50 has averaged ~12% annual returns over 20 years. Use 10-12% for equity SIP, 6-7% for debt funds.
Emergency Fund
Keep 3-6 months of expenses in a liquid fund before starting long-term SIP. Don't invest your emergency fund in equity.
Step-Up SIP
Increase your SIP by 10% every year with salary hikes. A ₹10K/month SIP stepping up 10%/yr creates ₹1.5 Cr in 20 years vs ₹99.6L without step-up.
Rule of 72
Divide 72 by your return rate to find doubling time. At 12%, money doubles in 6 years. At 8%, it takes 9 years.
Step-by-Step Instructions
- 1Enter your savings goal (target amount).
- 2Enter current savings and monthly contribution.
- 3Set expected annual return rate (12% for equity SIP, 7% for FD).
- 4See how many years to reach your goal and total interest earned.
Frequently Asked Questions
How long to save ₹10 lakh?▼
At ₹10,000/month with 12% returns and ₹50K starting: approximately 5.5 years. Without returns (0%), it takes 7.9 years. Returns significantly accelerate savings.
What return rate should I use?▼
For equity mutual fund SIP: 10-12% historically. For FD/savings account: 6-7%. For mixed portfolio: 8-10%. Always use conservative estimates for planning.
What if my monthly contribution is not enough?▼
The calculator shows a warning with the required monthly amount. You can also consider step-up SIP (increase contribution yearly) or adjust your target timeline.
Is this calculator accurate for PPF?▼
PPF currently offers 7.1% with 15-year lock-in. Enter 7.1% as the rate and 15 years as a reference. PPF also has tax benefits under Section 80C.