Savings Goal Calculator

How to use this savings goal calculator

Pick what you want to figure out, then drag the sliders or type your numbers — the result updates instantly. Enter your goal amount (what you're saving toward), what you've already saved, and either how much you can save each month or the date you want to hit your goal. If your savings earn interest (in a high-yield savings account, for example), add the annual rate under Advanced and we'll factor in the growth.

How this is calculated

We grow your balance month by month. Each month we add your contribution and apply ¹⁄₁₂ of your annual interest rate to the running balance, then check whether you've reached the goal. With a 0% rate it's simply your remaining amount divided by your monthly saving. When you ask "how much per month," we solve the standard future-value-of-an-annuity formula for the payment needed to reach your goal by your target date.

Results are estimates for education, not a guarantee — actual interest rates and your real savings will vary. See our methodology and disclaimer.

A savings goal example

Say you want to save $6,000 for a vacation in 18 months. The simplest math is to divide the target by the number of months: $6,000 divided by 18 is about $333 per month. If you keep the money in an account that earns interest, you can often set aside a little less, because the interest does part of the work for you. At a 4% annual rate, for example, you might reach the same $6,000 with monthly contributions closer to $322. The difference is small over 18 months, but for longer goals the help from interest grows and can save you a meaningful amount each month.

The takeaway is that two things drive how much you need to set aside: your deadline and your interest rate. A longer timeline lowers the monthly amount, and a higher rate lets your balance do more of the lifting.

Where to keep your savings

The right home for your money often depends on when you'll need it. For short-term goals, typically anything you plan to spend within the next few years, a high-yield savings account is a common choice. Your balance stays stable, you can withdraw when the goal arrives, and you still earn interest. For long-term goals many years away, some people choose to invest instead, since investments can grow faster over time, though their value can also fall in the short run.

There's no single right answer. The general idea is to match the risk you take to your timeline: keep near-term money safe and accessible, and only consider investing for goals far enough out that short-term dips have time to recover.

How to actually hit your goal

• Automate transfers on payday. Move money to savings the day you get paid, so it leaves before you can spend it.
• Use a separate account. Keeping goal money apart from your everyday checking makes it less tempting to dip into.
• Break big goals into milestones. A $12,000 target feels easier as twelve $1,000 steps you can celebrate along the way.
• Increase contributions as your income grows. When you get a raise, bump up the transfer before lifestyle costs absorb it.

Common mistakes to avoid

• Setting vague goals. "Save more" is hard to act on; a specific dollar amount gives you something to aim at.
• Skipping a deadline. Without a target date, there's no monthly number to hold you accountable.
• Leaving it in checking. Money mixed with daily spending often gets used up before the goal arrives.
• Raiding it for non-emergencies. Borrowing from your goal for impulse buys quietly resets your progress. Keep a separate emergency fund so real surprises don't force you to dip in, and use a budget to find the room for your contributions.