Savings Goal Calculator
Set a savings goal and target date. Find out exactly how much you need to save each month to reach your goal, with or without interest.
How much do you want to save?
Quick examples:
Simple savings, no growth
Savings Plan
Monthly Savings Required
Time Horizon
Total Contributions
Final Amount
Goal Summary
Monthly Breakdown
(12 months)| Month | Starting Balance | Contribution | Ending Balance |
|---|---|---|---|
| 1 | $0.00 | +$833.33 | $833.33 |
| 2 | $833.33 | +$833.33 | $1,666.66 |
| 3 | $1,666.66 | +$833.33 | $2,499.99 |
| 4 | $2,499.99 | +$833.33 | $3,333.32 |
| 5 | $3,333.32 | +$833.33 | $4,166.65 |
| 6 | $4,166.65 | +$833.33 | $4,999.98 |
| 7 | $4,999.98 | +$833.33 | $5,833.31 |
| 8 | $5,833.31 | +$833.33 | $6,666.64 |
| 9 | $6,666.64 | +$833.33 | $7,499.97 |
| 10 | $7,499.97 | +$833.33 | $8,333.30 |
| 11 | $8,333.30 | +$833.33 | $9,166.63 |
| 12 | $9,166.63 | +$833.33 | $9,999.96 |
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How This Calculator Works
Planning for a big purchase, building an emergency fund, or working toward a down payment? This tool helps you break down any financial target into manageable monthly contributions. Enter your desired amount, pick a deadline, and instantly see what it takes to get there.
Without Interest
Monthly = (Goal - Starting) ÷ Months
The simplest approach. If you're keeping cash in a checking account or under your mattress, this mode gives you a straightforward division of your remaining target across your timeline.
With Interest
PMT formula with monthly compounding
If you're using a high-yield savings account, money market fund, or conservative investment, your money works for you. The calculator factors in compound growth to show a lower required contribution.
Practical Tips for Reaching Your Goal
Automate Your Contributions
Set up automatic transfers from your checking account right after payday. When saving happens before you see the money, you're far less likely to spend it elsewhere. Most banks let you schedule recurring transfers for free.
Choose the Right Account
For short-term goals (under 2 years), a high-yield savings account offers liquidity and FDIC insurance. For longer horizons, consider certificates of deposit (CDs) or conservative index funds that may offer higher returns.
Start With What You Can
If the calculated monthly amount feels too high, don't give up. Extend your timeline, reduce your goal slightly, or start with whatever you can afford. Building the habit matters more than hitting exact numbers initially.
Review and Adjust Quarterly
Life changes. Income increases, unexpected expenses arise, or priorities shift. Check in every few months to see if you're on track. If you've had a good month, consider adding extra to accelerate your progress.
Common Savings Goals
Emergency Fund
12-24 monthsMost financial advisors recommend saving 3-6 months of living expenses. If your monthly costs are $3,000, aim for $9,000-$18,000. This cushion protects you from unexpected job loss, medical bills, or major repairs.
Vacation
6-12 monthsA week-long trip might cost anywhere from $2,000 for a domestic getaway to $8,000+ for international travel. Factor in flights, accommodations, food, activities, and a buffer for souvenirs or surprises.
Down Payment
2-5 yearsFor a home purchase, you'll typically need 5-20% of the purchase price. On a $300,000 home, that's $15,000-$60,000. Larger down payments often mean better mortgage rates and no private mortgage insurance (PMI).
New Car
1-3 yearsWhether you're buying outright or making a substantial down payment, having $5,000-$15,000 saved gives you negotiating power and reduces financing costs. Even for a lease, you might want first payment and security deposit ready.
What This Calculator Assumes
To keep the math straightforward and the results actionable, this tool makes a few simplifying assumptions. Understanding these will help you interpret the numbers correctly:
- •Equal monthly deposits: You contribute the same amount at the end of each month. In reality, you might save more some months than others—that's okay. Think of this as your baseline target.
- •Fixed interest rate: The rate you enter stays constant. Actual rates on savings accounts can fluctuate with the economy. For conservative planning, use a rate slightly below current offerings.
- •Monthly compounding: Interest is calculated and added to your balance 12 times per year. This is standard for most savings accounts and money market funds.
- •No taxes or fees: The results don't deduct taxes on interest earned or any account maintenance fees. For taxable accounts, keep in mind you may owe taxes on interest income.
- •Today's dollars: The goal amount doesn't adjust for inflation. If you're planning 5+ years out, you might want to increase your target slightly to account for rising prices.
Disclaimer: This tool provides estimates for personal planning. It's not financial advice. For significant financial decisions, consider consulting with a qualified financial advisor who can account for your complete financial picture.
Frequently Asked Questions
How much should I save per month to reach my goal?
The monthly savings amount depends on three factors: your goal amount, your starting savings, and your timeframe. Simply divide the remaining amount needed (goal minus starting savings) by the number of months until your target date. If you enable interest, compound growth will reduce the required monthly contribution.
What if I already have some money saved?
Enter your current savings in the "Starting Amount" field. The calculator will subtract this from your goal and determine how much more you need to save. If your starting amount already exceeds your goal, the calculator will let you know that you've already reached your target!
What does "no interest" mean?
When interest is turned off, the calculator assumes your savings don't earn any returns. This is a conservative approach useful for cash savings or short-term goals. Your monthly contribution simply equals (Goal - Starting Amount) ÷ Months. No growth, no surprises.
Does this assume monthly contributions?
Yes, this calculator assumes you make equal monthly contributions at the end of each month. This is the most common savings pattern for goals like emergency funds, vacations, or down payments. The contributions remain constant throughout the savings period.
Is the interest rate guaranteed?
No. The interest rate you enter is an estimate based on current savings or investment rates. Actual returns may vary. High-yield savings accounts typically offer 4-5% APY, while conservative investments might yield 6-8%. Use a rate you're comfortable with based on your savings vehicle.
How does compound interest affect my savings?
When you enable interest, your balance grows each month from both your contributions AND interest earned on previous balances. This compound effect means you need to save less per month compared to a no-interest scenario. The longer your time horizon, the more impactful compound interest becomes.
What if my target date is less than a month away?
The calculator requires at least one full month to calculate meaningful monthly contributions. For very short-term savings goals, simply divide your remaining amount by the number of weeks or days instead.