Savings Calculator: How Long to Reach Your Goal
Enter your goal, what you have saved and what you can add each month to see when you get there and how much interest helps. Saving works the same way in every state; what changes is how big the goal should be, so regional spending benchmarks are below.
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Pre-filled: Six months of U.S. average household spending, BLS Consumer Expenditure Survey 2024
Months to Reach Goal
Estimated • Based on your inputs
Years to Reach Goal
3
Detailed Breakdown
Disclaimer: This calculator provides estimates for informational purposes only. Results should not be considered financial, tax, or legal advice. Consult a qualified professional for your specific situation.
How this calculator works
Your balance grows each month by the deposit plus interest compounded monthly at the annual rate you enter, until it reaches the goal. The default goal is six months of the average U.S. household's total spending in 2024 (BLS Consumer Expenditure Survey, $78,535 a year); that includes non-essentials, so a fund for essentials alone can be smaller. The cost-of-living line restates your goal at U.S. average prices when you enter an index other than 100.
Source: BLS Consumer Expenditure Survey 2024 (via FRED); Census Bureau 2024 median household income checked
Six months of household spending by region
Average annual expenditures of all consumer units by Census region, calendar year 2024. BLS publishes these for regions, not states.
| Region | Average yearly spending | Six months | States in the region |
|---|---|---|---|
| Northeast | $83,692 | $41,846 | CT, ME, MA, NH, NJ, NY, PA, RI, VT |
| Midwest | $74,707 | $37,354 | IL, IN, IA, KS, MI, MN, MO, NE, ND, OH, SD, WI |
| South | $70,376 | $35,188 | AL, AR, DE, FL, GA, KY, LA, MD, MS, NC, OK, SC, TN, TX, VA, WV |
| West | $92,625 | $46,313 | AK, AZ, CA, CO, HI, ID, MT, NV, NM, OR, UT, WA, WY |
Series CXUTOTALEXPLB1102M-1105M (BLS Consumer Expenditure Survey, republished on FRED). Total spending includes non-essentials.
Frequently Asked Questions
How much should I keep in an emergency fund?
Three to six months of essential expenses is the common rule. As a yardstick, six months of the average household's total 2024 spending was $39,268 nationally and ranged from $35,188 in the South to $46,313 in the West (BLS publishes regions, not states).
How long does it take to save $10,000?
Starting from nothing, divide by what you can deposit each month and let interest shave a little off: at $500 a month and 4.5% it takes 20 months; at $1,047 a month (15% of the U.S. median household income) it takes 10.