How Long Will it Take to Save $16,000?

How much will you need to save every day, every week, and every paycheck to meet your savings goal?
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Here's how much you will have to set aside to save $5,000 in 1 Year:
$96 every week
$191 every two week pay period
$416 every month
$14 every day
How Long Does it Take to Save $16,000?
Calculate how much you need to save every day, week, or month to save $16,000. Enter your savings goal, the time needed, and the investment return that you receive to see how much you need to save regularly to achieve your savings goal of $16,000. Use this to see how much you need to save for retirement, a college education, a down payment on a home, or any type of savings goal.
See the chart below to see how much you need to save based on the length of time needed to save $16,000.
Monthly Savings Needed to Save 16,000 by Years and Interest Earned
Years Monthly Savings at 2% Monthly Savings at 4% Monthly Savings at 6% Monthly Savings at 8%
1 $1,321 $1,309 $1,298 $1,287
2 $654 $642 $630 $619
3 $432 $419 $408 $396
4 $321 $308 $297 $286
5 $254 $242 $230 $219
6 $209 $197 $186 $175
7 $178 $166 $155 $144
8 $154 $142 $131 $121
9 $135 $124 $113 $103
10 $121 $109 $98 $89
11 $109 $97 $87 $77
12 $99 $87 $77 $68
13 $90 $79 $69 $60
14 $83 $72 $62 $53
15 $76 $65 $56 $47
16 $71 $60 $51 $42
17 $66 $55 $46 $38
18 $62 $51 $42 $34
19 $58 $47 $38 $31
20 $54 $44 $35 $28
21 $51 $41 $32 $26
22 $48 $38 $30 $23
23 $46 $36 $28 $21
24 $43 $34 $26 $19
25 $41 $31 $24 $18
26 $39 $30 $22 $16
27 $37 $28 $20 $15
28 $36 $26 $19 $13
29 $34 $25 $18 $12
30 $33 $23 $16 $11