Savings Goal Calculator
Find out how much to save each month to reach a savings goal by a certain date, or how long it will take at the amount you can save now. Works for a vacation, a car, a wedding, a home down payment or any other goal, and includes the interest your savings earn.
Estimate only. Assumes deposits at the end of each month and a steady APY. Interest is shown before taxes.
Month by month
Your deposits, interest and balance at the end of each month.
| Month | Deposit | Interest | Balance |
|---|
How much to save for common goals
Monthly savings needed to reach popular goals, starting from $0 in an account paying 4% APY:
| Goal | Amount | Time | Per month | Interest earned |
|---|---|---|---|---|
| Vacation | $5,000 | 1 year | $409 | $89 |
| Emergency fund | $10,000 | 2 years | $401 | $371 |
| Car down payment | $15,000 | 3 years | $393 | $842 |
| Wedding | $30,000 | 2 years | $1,204 | $1,114 |
| Home down payment | $40,000 | 5 years | $604 | $3,735 |
The longer the time frame, the more interest helps. For a home down payment saved over five years, interest covers more than $3,700 of the $40,000 goal. For goals ten or more years away, such as retirement or college, many people invest instead of saving in cash. The compound interest calculator shows how that growth adds up.
How the calculator works
Your current savings and each monthly deposit earn interest at the equivalent monthly rate of your APY. To find the monthly amount, the calculator works out how much your current savings will grow to by the goal date and spreads the rest across your deposits, allowing for the interest they earn.
In time-to-goal mode, the calculator adds your deposit and interest month by month until the balance reaches your goal.
Worked example: $20,000 in three years
You want $20,000 in three years for a car or a down payment. You have $2,000 saved and keep the money in a high-yield savings account paying 4% APY.
- Amount still needed$18,000
- Monthly savings needed at 4% APY$465
- Total deposits over 36 months$16,754
- Interest earned$1,246
- Monthly savings with no interest$500
Earning 4% cuts the monthly amount by about $35. If you can only save $400 a month, the calculator shows you would reach $20,000 in about 3 years and 6 months, six months later than planned. Saving part of your next raise could close that gap.
Tips for reaching your goal
- Build your emergency fund first. Without one, a surprise bill can wipe out progress on other goals. The emergency fund calculator shows how much you need.
- Give each goal its own account. Many online banks let you open separate savings buckets, so you can see progress on each goal.
- Automate your deposits. A transfer on payday makes saving the default instead of a decision.
- Match the account to the timeline. Keep money you need within a few years in insured savings, money market accounts or CDs, not in stocks.
- Pay off high-interest debt too. Saving at 4% while carrying a card at 22% costs you money. Consider the debt payoff calculator to plan both.
Frequently asked questions
How much do I need to save each month to reach my goal?
Subtract what you already have from your goal and divide by the number of months, then adjust for interest. For example, to grow $2,000 into $20,000 in three years at 4% APY, you need to save about $465 a month. Without interest it would be $500 a month.
How long will it take to reach my savings goal?
It depends on your goal, what you have saved, how much you add each month and your interest rate. Saving $400 a month toward a $20,000 goal with $2,000 already saved takes about 3 years and 6 months at 4% APY.
Where should I keep money for a savings goal?
For goals less than about five years away, many people use high-yield savings accounts, money market accounts, CDs or Treasury bills, which keep the money safe while earning interest. Money for goals many years away may be invested, but investments can lose value.
Does interest make a big difference for short-term goals?
It helps, but less than your monthly deposits. At 4% APY, interest adds about $1,246 to a $20,000 goal over three years, cutting the monthly amount needed from $500 to about $465. In an account paying 0.38%, you would earn much less.
How can I reach my savings goal faster?
Automate a transfer on payday, save windfalls such as tax refunds and bonuses, cut one or two recurring costs and put part of every raise toward the goal. Using a high-yield savings account also adds interest on top of what you save.
This calculator is for educational purposes only and is not financial advice. Savings rates change and are not guaranteed, and interest may be taxable. Results are estimates based on the numbers you enter.