Savings
Savings Goal Calculator
Calculate exactly how much you need to save each month to reach any savings goal. Enter your target amount, timeline, and current savings to get your personalized monthly savings plan.
Monthly savings needed
$718
Interest earned
$764
Free money
Remaining to save
$18,000
Goal target
$20,000
in 24 months
Progress to Goal
Tips to Reach Your Goal Faster
Open a high-yield savings account (currently 4–5% APY) to earn more on your savings. Automate transfers on payday so the money moves before you can spend it. More savings strategies →
Questions, answered.
How do I calculate how much to save each month?
Subtract your current savings from your goal amount. Divide the remaining amount by the number of months until your deadline. If your money earns interest, the required monthly contribution will be slightly lower — our calculator accounts for this automatically.
What are good savings goals to set?
Start with an emergency fund (3–6 months of expenses), then work toward: a down payment on a home (10–20% of purchase price), a car purchase, vacation fund, or retirement. Use separate savings buckets for each goal so you can track progress independently.
How long does it take to save $10,000?
At $500/month, it takes 20 months. At $300/month, 34 months. At $200/month, 50 months. Earning 4.5% APY in a high-yield savings account reduces the time slightly. The biggest lever is your monthly contribution, not the interest rate.
Should I use a high-yield savings account for my goals?
Yes, for any goal you'll reach within 5 years. High-yield savings accounts (currently 4–5% APY) keep your money safe and accessible while earning significantly more than traditional accounts. For goals 5+ years away, consider investing in index funds.
What if I can't save the required monthly amount?
You have three options: extend your timeline, reduce your goal amount, or find ways to increase income or reduce expenses. Even saving half the required amount is far better than saving nothing — adjust the calculator to see how a longer timeline changes your monthly requirement.