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Save $1,000 in 10 Years
This page shows the monthly deposit needed to save $1,000 in 10 years. The starting interest rate is 4 percent a year and you can change it.
The deposit comes to $6.79 a month. Interest covers $185 of the goal.
How the deposit is worked out
A goal of $1,000 in 10 years means 120 monthly deposits. Each deposit earns interest at 0.3333 percent a month until the end. The calculator finds the one deposit size that makes the total land on $1,000.
Worked example
Aim for $1,000 within 10 years. At 4 percent, a month-by-month deposit of $6.79 gets there. Your deposits add up to $815.
The remaining $185 comes from interest. Without interest the deposit would need to be $8.33 a month.
Questions about this calculator
What if the rate on a 10-year $1,000 goal were 2 percent instead of 4 percent?
The monthly deposit for $1,000 would be $7.53 instead of $6.79. A lower rate means you carry more of the goal yourself.
How much would a $500 head start lower the deposit for $1,000 in 10 years?
The deposit would fall from $6.79 to $1.73. That is $5.06 less each month.
What would the deposit be for half the goal, $500, in 10 years?
$3.40 a month at 4 percent.
How long would $1,000 take if you deposited only $5 a month?
About 12 years 10 months. At $6.79 a month the goal takes 10 years.
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This page is for education only and is not financial or tax advice.