Savings Goal Calculator
Savings goal calculators determine monthly deposits needed to reach a target amount by a deadline. Formula: Monthly Payment = Goal / [((1+r)^n - 1) / r], where r = monthly interest rate, n = months. For example, saving $10,000 in 3 years at 3% APY requires $265/month. Alternatively, calculate how long current savings rate takes to reach goal. Accounts for compound interest and initial balance.
Plan your savings goals with three modes: calculate monthly savings needed, time to reach your goal, or total you can accumulate. Includes presets for emergency fund, vacation, down payment, car, and wedding. Visual growth chart and milestone tracking.
What do you want to calculate?
Find how much to save each month to reach your goal
Quick Presets
Savings Goal
Current Savings
Annual Interest Rate (APY)
High-yield savings: 4-5% · CDs: 4-5% · Money market: 3-5%
Time Period
= 2 years
Compounding Frequency
Required Monthly Savings
$397.50
Time Period
2 years
Final Balance
$10,000.31
Savings Plan: Save $397.50/month for 2 years to reach your $10,000.00 goal. You'll earn $460.31 in interest along the way.
Total Contributions
$9,540.00
Interest Earned
$460.31
Savings Breakdown
Savings Growth Over Time
🎯 Milestones
25%
Month 7
$2,824.55
50%
Month 13
$5,305.20
75%
Month 19
$7,842.19
100%
Month 24
$10,000.31
Savings Tips
- Pay yourself first — automate transfers on payday
- High-yield savings accounts offer 4-5% APY (vs 0.01% at big banks)
- Emergency fund rule of thumb: 3-6 months of expenses
- Even small amounts compound over time — consistency beats amount
- Consider CDs or money market accounts for higher rates on longer goals
How to Use
- Enter your value in the input field
- Click the Calculate/Convert button
- Copy the result to your clipboard
Frequently Asked Questions
- How much should I save each month?
- A common guideline is the 50/30/20 rule: 50% of income for needs, 30% for wants, and 20% for savings. However, the right amount depends on your goal, timeline, and current savings. Use this calculator to find the exact monthly amount needed for your specific goal and timeline.
- How much should my emergency fund be?
- Financial experts recommend saving 3-6 months of essential living expenses. If your monthly expenses are $3,000, aim for $9,000-$18,000. Those with variable income or single-income households should target 6-12 months. Keep emergency funds in a high-yield savings account for easy access.
- What interest rate should I use for savings goals?
- For savings accounts, use your actual APY. High-yield savings accounts currently offer 4-5% APY. Traditional bank savings accounts offer 0.01-0.10%. CDs may offer 4-5% for fixed terms. Money market accounts typically offer 3-5%. Use the rate from your specific account for accurate projections.
- Does compounding frequency really matter for savings?
- Yes, but the difference is small for savings accounts. Monthly compounding at 5% APY on $10,000 earns about $511.62/year, while annual compounding earns $500. The difference grows with larger balances and higher rates. Most high-yield savings accounts compound daily or monthly.
- How do I save for a down payment on a house?
- Most lenders require 3-20% down payment. For a $300,000 home, that is $9,000-$60,000. Set a target amount, timeline, and use this calculator to find your monthly savings. Consider a high-yield savings account or CD ladder. Avoid investing down payment funds in stocks if you need them within 3-5 years.
- Should I pay off debt or save for my goal first?
- Generally, build a small emergency fund ($1,000-$2,000) first, then pay off high-interest debt (credit cards at 15-25% APR), then build full savings goals. If your debt interest rate is lower than your savings rate, you could do both simultaneously. The psychological benefit of having savings is also valuable.