Savings Goal Calculator
Plan for any financial goal. See exactly how much to save each month and when you'll reach your target.
Your Savings Goal
How much have you already saved toward this goal?
When do you need the money by?
APY of your savings account (high-yield savings ~4-5%)
Your Savings Plan
Enter your goal details and click "Calculate" to see your personalized savings plan
Progress Milestones
Tips for Your Goal
How to Reach Your Savings Goal Faster
Automate It
Set up automatic transfers on payday. You can't spend what you don't see. Even small amounts add up when consistent.
Earn Interest
High-yield savings accounts offer 4-5% APY. On a $10,000 goal, that's $400-500 in free money you'd miss in a regular account.
Celebrate Milestones
Hitting 25%, 50%, 75% of your goal deserves recognition. Small celebrations keep you motivated for the long haul.
Common Savings Goals
House Down Payment
Most lenders want 10-20% down. On a $300,000 home, that's $30,000-60,000. Start early and let compound interest help.
Emergency Fund
3-6 months of expenses protects you from unexpected job loss, medical bills, or car repairs without going into debt.
Dream Vacation
A week in Europe or a cruise can cost $3,000-10,000. Saving in advance means no vacation debt and guilt-free spending.
New Car
A larger down payment means lower monthly payments and less interest. Aim for 20% down on a new car.
Frequently Asked Questions
Where should I keep my savings?
For goals under 3-5 years, a high-yield savings account is ideal. You'll earn interest while keeping money accessible. For longer goals, consider CDs or I-bonds for potentially higher returns.
How does compound interest help?
Compound interest means you earn interest on your interest. At 4.5% APY, saving $500/month for 2 years gives you $12,000 in contributions plus ~$550 in interest - money you didn't have to earn.
What if I can't save the calculated amount?
Adjust your timeline or goal amount. Saving something is always better than nothing. Even $50/month adds up to $600/year. You can increase contributions as your income grows.
Should I save or pay off debt first?
Generally, build a small emergency fund ($1,000-2,000) first, then attack high-interest debt, then save for other goals. Use our Debt Payoff Calculator to create a debt plan.