Free Savings Goal Calculator
Calculate how much you need to save monthly to reach your financial goals. Plan for emergency funds, vacations, down payments, and more.
Calculate Monthly Savings
Expected savings account rate
Monthly Savings Needed
to reach $10,000 in 1 year
Monthly Savings
$733.02
Total Contributed
$8,796
Interest Earned
$204
Time Period
1 year
Popular Savings Goals
Savings Tips:
- Aim to save 3-6 months of expenses as an emergency fund
- High-yield savings accounts can offer 4-5% APY interest
- Automate your savings with scheduled transfers
- Review and increase contributions as your income grows
How to Use the Savings Goal Calculator
Set Your Savings Goal
Enter the total amount you want to save. This could be for an emergency fund, vacation, down payment, wedding, new car, or any other financial goal you have in mind.
Enter Current Savings (Optional)
Input any money you have already saved toward this goal. Including your current balance gives a more accurate picture of how much more you need to save.
Set Your Timeline and Interest Rate
Enter how many months or years you have to reach your goal. Add an expected interest rate if your savings will earn returns in a high-yield savings account or investment.
View Your Monthly Savings Target
See exactly how much you need to save each month to reach your goal on time. The calculator also shows total interest earned and a month-by-month progress breakdown.
Pro tip: Your data is processed entirely in your browser. Nothing is sent to any server, ensuring complete privacy.
Planning Your Savings Goals
Setting and achieving savings goals is fundamental to financial security. Whether you're building an emergency fund, saving for a vacation, or planning a down payment, having a clear target and timeline makes success much more likely.
Common Savings Goals
- Emergency Fund: 3-6 months of expenses
- Down Payment: 10-20% of home price
- Vacation: $2,000-$10,000 depending on destination
- New Car: 10-20% down payment
- Wedding: Average $20,000-$30,000
Frequently Asked Questions
How much should I save each month?
A common guideline is the 50/30/20 rule: 50% for needs, 30% for wants, and 20% for savings. However, the amount depends on your goals and timeline. Our calculator helps you determine exactly how much to save based on your specific target.
How does compound interest affect my savings goal?
Compound interest helps your savings grow faster because you earn interest on both your principal and previously earned interest. Even a modest 3-5% annual return in a high-yield savings account can significantly reduce the monthly amount you need to save.
What is an emergency fund and how much should I save?
An emergency fund is money set aside for unexpected expenses like medical bills, car repairs, or job loss. Financial experts recommend saving 3-6 months of living expenses. If your monthly expenses are $3,000, aim for $9,000-$18,000.
How long should I plan to reach my savings goal?
Timeline depends on the goal type. Emergency funds: 6-12 months. Vacation: 6-18 months. Down payment: 2-5 years. Retirement: 20-40 years. Shorter timelines require higher monthly contributions.
Should I include my current savings in the calculation?
Yes, including your current savings gives a more accurate picture of how much more you need to save. Your existing balance also earns interest, reducing the total amount you need to contribute monthly.
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