Finance
Savings Goal Calculator
Turn a savings goal into a monthly number. Enter what you're saving for, what you've already got, and when you need it — the calculator tells you the exact monthly deposit, accounting for the interest your money earns along the way.
Save per month
$450.00
Months of saving
36
Total you contribute
$16,200.11
Interest earned
$1,299.89
Assumes monthly deposits into an account earning the APY you entered, compounded monthly. A high-yield savings account works well for goals under ~5 years.
How it works
The calculator first grows your current savings forward at your interest rate, then works out what fixed monthly deposit closes the remaining gap by your deadline. It's the future-value-of-an-annuity formula, solved for the payment.
Interest matters more than people expect, even on short timelines. Saving $20,000 over 3 years at 4% APY takes about $523 a month — versus $556 with no interest. The account effectively contributes over $1,100 of the goal.
For goals under about five years, a high-yield savings account or CDs are the right vehicle — the money needs to be there on the date, so market risk isn't worth it. For longer horizons, index funds usually beat cash meaningfully.
months = years × 12, r = APY / 12
future = current × (1 + r)^months
gap = goal − future
monthly = gap × r / [(1 + r)^months − 1]
Example: $20,000 goal, $2,500 saved, 3 yrs at 4% → $458/monthFrequently asked questions
How much should I have in an emergency fund?
The standard advice is 3–6 months of essential expenses — closer to 3 with a stable dual income, closer to 6 (or more) if you freelance or your income varies. Compute your monthly essentials first, then use this calculator to plan the timeline.
Where should I keep money I'm saving for a goal?
For anything you'll need within ~5 years, use a high-yield savings account or CDs — currently around 4% APY with zero risk to the balance. For longer horizons, low-cost index funds have historically returned far more, at the cost of short-term swings.
Should I save or pay off debt first?
A common order: build a small starter emergency fund ($1,000–2,000), then attack high-interest debt (anything above ~7–8%), then build full savings. Credit card interest at 20%+ outruns any savings account, so it wins priority.
What if I can't afford the monthly amount it shows?
Adjust one of the levers: extend the timeline, lower the goal, or raise the rate by moving the money somewhere better. Even getting 80% of the way there on schedule beats an ambitious plan you abandon in month two.
Does it matter if I save weekly instead of monthly?
Barely — what matters is the total flowing in. Weekly deposits earn a few extra days of interest, but the difference on a typical goal is a rounding error. Pick whatever cadence matches your paycheck and automate it.