How long does it take the average person to save $30000?

How long will it take to save? Savings Goal If You Saved $200/month If You Saved $400/month $20,000 100 months 50 months $30,000 150 months 75 months $40,000 200 months 100 months $50,000 250 months 125 months 7 more rows

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Saving up money takes discipline, but it can be incredibly rewarding. Use this calculator to see how long it will take to reach your savings goal.

Saving up for a tropical getaway, a down payment, or maybe even a new car?

It helps to have a savings game plan to know exactly when you'll reach your goal.

This calculator will tell you:

The exact date you'll reach your savings goal

How much you'll save in total

How much interest your savings will earn

How Long Will It Take To Save Calculate Reach Goal Date Total Initial Savings Total Interest You will have saved

Frequency Starting Balance Deposit Total Savings Interest Ending Balance

Find out how the savings calculator works and tips for maximizing your savings in this guide.

How to calculate your savings goal

It's simple to calculate how long it'll take to save up your goal. Enter the following details into the calculator and you'll have your savings game plan. First, enter how much you currently have in savings. This is your starting point. Then, add your savings goal. Next, enter how much you plan to deposit into your savings regularly and how often you'll make deposits. Finally, specify an interest rate if your savings are earning interest. Once you hit "Calculate", you'll also see a table of your savings progress, including how much you'll earn in interest and how much total money you'll have after each deposit.

How much should I be saving?

There's no single "best" way to save that will work for every person. Consider your monthly expenses and timeline to find the right savings plan for you.

In the meantime, here are a few popular saving/budgeting options to consider:

: Your monthly after-tax income is split into the following categories: 50% for "needs" (like food, bills, and rent), 30% for "wants" (like entertainment or hobbies), and 20% is for saving. 80/20 Budget : 20% of your after-tax income is dedicated to savings, while the other 80% is split however you'd like among "needs" and "wants". : 20% of your after-tax income is dedicated to savings, while the other 80% is split however you'd like among "needs" and "wants". Custom Budget : A customized budget that splits up your monthly earnings based on your specific expenses, debt, and personal spending. : A customized budget that splits up your monthly earnings based on your specific expenses, debt, and personal spending. Automated Budgeting Tools: Apps or websites that budget for you. Many of these online budgeting tools can also be customized as much (or as little) as you'd like.

How long will it take to save?

Looking for a quick takeaway for your savings timeline? Review the table below to see how long it would take you to save up your goal. Note: This table assumes you start at $0 and doesn't include any interest. Putting your deposits into an interest-bearing account will help you save up even faster. Savings Goal If You Saved $200/month If You Saved $300/month If You Saved $400/month $5,000 25 months 17 months 13 months $10,000 50 months 34 months 25 months $20,000 100 months 67 months 50 months $30,000 150 months 100 months 75 months $40,000 200 months 134 months 100 months $50,000 250 months 167 months 125 months $60,000 300 months 200 months 150 months $70,000 350 months 234 months 175 months $80,000 400 months 267 months 200 months $90,000 450 months 300 months 225 months $100,000 500 months 334 months 250 months

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What are you saving money for?

Best places to keep your savings

Ideally, your savings should be stashed somewhere that is safe and has a reasonable interest rate. Here are a few common savings vehicles to consider: A high-yield savings account: Usually offered by online banks, these accounts offer higher interest rates and minimal fees. What savings account should I put my savings in? Member FDIC CIT Bank Savings Connect - 3.85% APY Learn More Earn 16x the national average

$100 minimum opening deposit

No monthly maintenance fee Member FDIC Discover Online Savings - $200 Cash Bonus To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details. Get Deal Expires 3/15/2023 Member FDIC Discover Online Savings - $150 Cash Bonus To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details. Get Deal Expires 3/15/2023 A certificate of deposit: Unlike a normal savings account (where you can deposit and withdraw funds), CDs require you to deposit a fixed amount of money for a fixed amount of time.

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A money market account: These are like a hybrid of a savings and a checking account. Unlike most online savings accounts, MMAs come with check-writing abilities and an ATM card. An investment account: This could be anything from a Roth IRA to a standard brokerage account. This is better for long-term savings goals and comes with more risk.

Tips for Reaching Your Savings Goal Faster

Saving up takes time, so it pays to be patient. However, there are a few tricks you can try to reach your savings goal faster.

Automate your savings :

Set up a regular auto-deposit from your bank account into a savings account with automatic savings apps. : Set up a regular auto-deposit from your bank account into a savings account with automatic savings apps. Save bonuses and tax refunds : If you get a bonus at work or a generous tax refund, think about adding it to your savings goal instead of spending it. It may be difficult, but you'll be glad you did it. : If you get a bonus at work or a generous tax refund, think about adding it to your savings goal instead of spending it. It may be difficult, but you'll be glad you did it. Try using cash back apps : Cash back apps earn you cash back on your everyday purchases, from gas to groceries to eating out. When you've earned enough, cash out and transfer to your savings. : Cash back apps earn you cash back on your everyday purchases, from gas to groceries to eating out. When you've earned enough, cash out and transfer to your savings. Cut down on fixed expenses: It's easier than you might think. This article on saving money includes 100+ ideas for cutting down on expenses, some requiring surprisingly little work.

Bottom Line

No matter your goal or how long your timeline is, saving up money is all about patience and consistency. With a tool like this calculator, you can see how your savings will add up over time. Before long, you'll have saved up a nice chunk of change.

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