Savings Goal Calculator
Plan any financial goal with precision. Emergency fund, home down payment, vacation, or custom goals - calculate your path to success with compound interest and smart recommendations.
Savings Goal Calculator
Plan and track your savings goals
Goal Details
Choose Your Goal
Goal Details
Total Saved
At target date
Time to Goal
✓ On track
Progress
$13,000 to go
Total Contributions
Your deposits
Interest Earned
Compound growth
Required Monthly
To reach goal on time
Savings Breakdown
Progress to Goal
$2,000 of $15,000
$13,000 remaining
Smart Recommendations
You're On Track!
Great job! At your current pace, you'll reach your goal of $15,000 in 2 years, 1 month.
→ Keep up the great work
Reach Your Goal Faster
Increase your monthly savings by $177 to reach your goal 6 months earlier.
→ Save $677/month instead
One-Time Contribution Impact
A one-time contribution of $1,500 (like a tax refund or bonus) would help you reach your goal 3 months earlier.
→ Add one-time contributions in Advanced Options
Consider Inflation
Over 3 years, inflation could reduce your purchasing power by approximately $1,391. Enable inflation adjustment to account for this.
→ Turn on inflation adjustment in Advanced Options
Growth Projection
Growth Timeline
📚 Learn More About Savings Goals
🎯 SMART Goal Setting
Make goals Specific, Measurable, Achievable, Relevant, and Time-bound. Instead of "save money," try "save $10,000 for emergency fund in 18 months."
Example: Save $20,000 for home down payment by December = $556/month for 36 months.
💰 Emergency Fund First
Before other goals, save 3-6 months of expenses. Start with $1,000 for immediate emergencies, then build to full amount.
- Stable job: 3 months ($9,000-15,000)
- Self-employed: 6-12 months ($18,000-30,000)
📊 Compound Interest Power
Your money grows faster over time. Saving $500/month at 4% APY:
- 1 year: $6,120 ($120 interest)
- 5 years: $33,300 ($3,300 interest)
- 10 years: $73,700 ($13,700 interest)
🏦 Where to Save
High-yield savings (4-5% APY), CDs, money market accounts
Index funds, 401(k), IRA (6-10% average returns)
⚠️ Common Mistakes
- Setting unrealistic timelines (too aggressive)
- Not automating savings (relying on willpower)
- Keeping all savings in checking (no interest)
- Dipping into savings for non-emergencies
- Not adjusting for inflation on long-term goals
✅ Best Practices
- Automate transfers on payday
- Keep savings in separate account
- Track progress monthly
- Celebrate milestones (25%, 50%, 75%)
- Adjust contributions when income increases
- Use high-yield savings for better returns
How to Use This Savings Goal Calculator
Set Your Goal
Choose a goal type (emergency fund, down payment, vacation, etc.) and enter your target amount.
Add Details
Enter current savings, monthly contribution, timeline, and expected interest rate (4-5% for savings accounts).
Track Progress
Review your savings timeline, see compound interest growth, and adjust contributions to reach your goal faster.
Frequently Asked Questions
How much should I save each month?
Aim to save at least 20% of your after-tax income. Start with the 50/30/20 rule: 50% needs, 30% wants, 20% savings. For specific goals, divide your target amount by the number of months until your deadline. For example, to save $12,000 in 2 years (24 months), you need to save $500/month. Don't forget to account for compound interest—our calculator does this automatically!
Where should I keep my savings?
For short-term goals (under 5 years), use high-yield savings accounts (4-5% APY), CDs, or money market accounts. These are FDIC insured and accessible. For long-term goals (5+ years), consider investing in index funds or retirement accounts for higher returns (6-10% average). Keep emergency funds in savings accounts for immediate access. Popular options: Marcus, Ally, Capital One 360.
How long will it take to reach my savings goal?
It depends on your target amount, current savings, monthly contribution, and interest rate. Use our calculator to see your exact timeline. For example, to save $20,000 with $2,000 already saved, contributing $500/month at 4% APY takes about 34 months. Increase your contribution to $750/month and you'll reach it in 22 months. Even small increases in monthly savings significantly reduce your timeline.
Should I invest or save for short-term goals?
Save (don't invest) for goals under 5 years. The stock market is too volatile for short timeframes—you could lose 20-30% in a bad year. Use high-yield savings accounts (4-5% APY) or CDs for guaranteed returns. For goals 5+ years away, investing in index funds can provide higher returns (6-10% average) and time to recover from market downturns. Emergency funds should always be in savings accounts, never invested.