Savings Goal Calculator
Enter your goal, deadline, and current savings to see exactly how much to set aside each month.
Goal of $20,000 in 2y
Monthly Savings Needed
$798
Goal Amount
$20,000
Starting Balance
$0
Total Contributions
$19,151
Interest Earned
$849
How the Savings Goal Calculator Works
This savings goal calculator tells you exactly how much to save per month to reach a specific financial target by a specific date. Whether you're building an emergency fund, saving for a down payment, planning a vacation, or working toward any other financial goal, the calculator accounts for your starting balance and the interest you'll earn along the way.
The math uses the future value of an annuity formula. Your existing savings grow at the interest rate over the full time period. The required monthly contribution is then calculated so that the sum of your contributions plus interest exactly equals your goal. The formula is: Monthly = (Goal − Balance × (1+r)^n) × r / ((1+r)^n − 1), where r is the monthly rate and n is the number of months.
For the interest rate, use the APY on your savings account. High-yield savings accounts (HYSAs) currently offer 4–5% APY, which meaningfully reduces how much you need to contribute each month. For example, saving $20,000 in 24 months at 0% interest requires $833/month. At 4.5% APY, the required contribution drops to about $800/month — the interest covers the rest. Over longer time horizons, the effect compounds significantly.
Common savings goals to plug in: an emergency fund (3–6 months of expenses, typically $10,000–$30,000), a home down payment (3–20% of the purchase price), a new car, a wedding, education costs, or a major vacation. Set the goal amount and deadline, and the calculator shows exactly what you need to save each month.
Frequently Asked Questions
How much should I save each month?
It depends on your goals and timeline. A common rule of thumb is the 50/30/20 rule: 50% of after-tax income on needs, 30% on wants, and 20% on savings and debt payoff. Use this calculator to work backwards from a specific goal — enter the amount you need and when you need it to find the exact monthly savings target.
What interest rate should I use?
Use the APY offered by the account where you'll hold the money. For an emergency fund or short-term goal (under 3 years), a high-yield savings account or money market account is appropriate. HYSAs currently pay 4–5% APY. For longer goals, you might consider I-bonds or a CD ladder for better returns with minimal risk.
How long does it take to save $10,000?
At $500/month into a 4.5% APY savings account, you'd reach $10,000 in about 19 months. At $300/month it takes about 32 months. At $1,000/month it takes about 10 months. Use the calculator to find the exact timeline for your situation by adjusting the goal amount and monthly savings input.
Should I pay off debt or save for a goal first?
Generally, prioritize high-interest debt (above ~6–7%) before aggressive savings. The math favors paying off 20% APR credit card debt over earning 4.5% in a savings account. However, always maintain a small emergency buffer (at least $1,000–2,000) before aggressively paying down debt, so unexpected expenses don't force you back into debt.