How to use the Savings Goal calculator
- Enter your numbers. Fill in what do you want to know?, savings goal, already saved, interest rate, years to reach goal.
- Read your results. Results update instantly. The headline shows the save this much each month; the breakdown and table below show the details.
How the calculator works
Enter your goal, what you’ve already saved and your account’s APY. In monthly savings mode, it solves for the deposit that reaches the goal in time; in time to goal mode, it counts the months until your balance gets there.
where r is the monthly rate equivalent to your APY and n the number of months.
Where to keep short-term savings
For goals under about 5 years, use FDIC- or NCUA-insured high-yield savings, money market accounts or CDs rather than stocks. Deposit insurance covers up to $250,000 per depositor, per bank, per ownership category.
Worked example
With these inputs: what do you want to know? Monthly savings needed; savings goal $25,000; already saved $3,000; interest rate (APY) 4%; years to reach goal 3.
The calculator gives a save this much each month of $566.98 (for 36 months to reach $25,000). Other results: total you deposit $23,411, interest earned $1,589, weekly equivalent $130.84, balance check $25,000.
What your results mean
The monthly figure is the steady deposit that reaches your goal on time at the APY entered. If rates fall, you would need slightly more.
Tips
- Automate the transfer on payday.
- Keep each goal in a separate account so you can see progress.
- Shop for a high-yield, FDIC-insured account.
Frequently asked questions
How long will it take to save $10,000?
At $500 a month and 4% APY, about 19 months. At $250 a month, about 3 years.
How do I save $1,000 a month?
Track spending for a month, cut the largest flexible categories, and automate $1,000 to savings on payday.
How much should I save each month?
A common guideline is 20% of take-home pay across all goals (see the 50/30/20 budget calculator). Start with an emergency fund.
What is APY?
Annual percentage yield: the yearly return including compounding. A 4% APY grows $1,000 to $1,040 in a year.
Are savings account rates fixed?
No. Savings and money market rates are variable; CDs lock in a rate for the term.
Related calculators
Compound Interest calculator · Emergency Fund calculator · CD calculator · Budget (50/30/20) calculator · All savings & budget calculators