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Achieve your financial goals with our savings calculator. Input your target amount and timeframe to determine exactly how much you need to save monthly, including interest earnings.
Use 0% for regular savings, 4-5% for high-yield savings
You need to save:
$585.02
per month
Total number of payments: 24
$8,640.32
$12,354.05
$16,142.68
$20,007.71
Whether you're saving for a house down payment, dream vacation, emergency fund, or any major purchase, having a clear plan with specific monthly targets makes goals achievable. Our savings goal calculator determines exactly how much you need to save each month to reach your target by your desired deadline, accounting for interest earned along the way.
The calculator uses compound interest formulas to show how your regular deposits grow over time. Even modest interest rates can significantly boost your savings for long-term goals. For example, saving $500 monthly for 5 years yields $30,000 with no interest, but approximately $32,500 at 3% annual interest—an extra $2,500 from simply parking your money in a high-yield savings account.
Automate your savings by setting up automatic transfers on payday—pay yourself first. Use separate savings accounts for different goals to avoid temptation and track progress clearly. For short-term goals (under 5 years), use high-yield savings accounts or CDs. For longer horizons, consider conservative investments for potentially higher returns while managing risk appropriately.
Build flexibility into your plan. If monthly targets feel overwhelming, extend your timeline or adjust your goal amount. Conversely, if you receive bonuses or windfalls, apply them to your goal to reach it faster. Track progress monthly and celebrate milestones—hitting 25%, 50%, and 75% of your goal keeps motivation high. Remember, the best savings plan is one you'll actually stick with, so make it realistic and rewarding.
For goals under 3 years, use high-yield savings accounts, money market accounts, or short-term CDs. These provide safety and liquidity while earning modest interest. Avoid stocks for short-term savings—market volatility could reduce your funds right when you need them.
Yes, but prioritize. First, build a small emergency fund ($1,000-2,000), then tackle high-interest debt. Next, fully fund your emergency fund (3-6 months expenses). Then split savings between competing goals like house down payment, vacation, car replacement, etc.
Either extend your timeline or reduce your goal amount. Saving something is better than nothing—even if it takes longer than originally planned. Review your budget to find optimization opportunities. Automate savings to ensure consistency even if the amount is smaller than ideal.