Savings Goal Calculator

Find out how long it takes to reach your savings goal, or how much you need to save each month. See the power of compound interest on your savings.

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$1,000$1,000,000
$
$0$500,000
$
$0$10,000
%
0%15%

Time to Reach Goal

You'll reach your goal in6y 4m
Total Contributions$43,000
Interest Earned$7,519.05

Required Monthly Savings

To reach goal in 1 year:$3,654.53/mo
To reach goal in 2 years:$1,776.65/mo
To reach goal in 3 years:$1,151.11/mo
To reach goal in 5 years:$651.44/mo
To reach goal in 10 years:$278.87/mo

Savings Progress

How to Reach Your Savings Goal

Whether you're saving for an emergency fund, a down payment, a vacation, or any other goal, having a clear plan makes all the difference. This calculator helps you figure out exactly how much to save each month or how long it will take to reach your target.

Common Savings Goals

  • Emergency fund — 3-6 months of expenses ($10,000-$30,000 for most people)
  • Down payment — 20% of home price (e.g., $80,000 for a $400,000 home)
  • New car — $5,000-$15,000 for a used car or down payment on new
  • Vacation — $2,000-$10,000 depending on destination
  • Wedding — Average US wedding costs about $30,000

Savings Strategies That Work

  • Pay yourself first — Set up automatic transfers the day you get paid
  • Use separate accounts — One account per goal helps track progress
  • Earn more on savings — Use high-yield savings accounts (4-5% APY)
  • Cut one expense — Redirect a subscription or habit toward your goal

Frequently Asked Questions

How much should I save each month?
The 50/30/20 rule suggests saving 20% of your after-tax income. However, any amount is better than nothing. Start with what you can afford and increase it over time.
Where should I keep my savings?
For short-term goals (1-3 years), use a high-yield savings account or CD. For medium-term goals (3-5 years), consider a mix of savings and conservative investments. For long-term goals (5+ years), consider index funds or other investments.
What is a high-yield savings account?
A high-yield savings account offers 4-5% annual interest (as of 2026), compared to 0.01-0.5% at traditional banks. Online banks typically offer the highest rates. Your deposits are FDIC-insured up to $250,000.
How do I stay motivated to save?
Automate your savings with automatic transfers on payday. Set specific, measurable goals. Track your progress visually. Celebrate milestones. Start small — even $25/week adds up to $1,300/year.

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