Savings Goal Calculator

Find out exactly how much you need to save each month to hit any financial target.

🎯 Savings Goal
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Required Monthly Savings
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Total Contributions
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Interest Earned
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Final Balance
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Target Date
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Goal-Based Savings Planning

Whether you're saving for a vacation, down payment, car, wedding, or any other financial goal, this calculator tells you the exact monthly amount you need to set aside — factoring in any interest your savings will earn along the way.

The Right Account for Each Goal

  • 0–2 years: High-Yield Savings Account (HYSA) — 4–5% APY, FDIC insured, fully liquid.
  • 2–5 years: Mix of HYSA and CDs. CD laddering locks in today's rates.
  • 5+ years: Consider a conservative investment account or I-bonds for inflation protection.

Sinking Funds

A "sinking fund" is a dedicated savings bucket for a specific future expense. Instead of scrambling when car insurance comes due or a vacation approaches, you save a little each month. Use separate accounts or sub-accounts for each goal to keep things organized.

Impact of Starting Early

Time is your biggest asset. To save $20,000 in 3 years with 4.5% APY requires ~$530/month. To save the same in 5 years requires only ~$306/month. Every extra month you delay increases the required monthly savings significantly.

FAQs

For money in a high-yield savings account today, 4–5% APY is realistic. For a CD (certificate of deposit), check current rates at your bank. For longer-term goals invested in a diversified portfolio, 6–7% is a common assumption, though returns aren't guaranteed.
You have two levers: extend the timeline (more months = lower monthly payment) or reduce the goal amount. You could also look for ways to increase income — side jobs, selling items, or getting a raise — to bridge the gap.
For goals 5+ years away, investing in a diversified stock/bond portfolio typically beats a savings account. The longer your timeline, the more risk you can absorb and the more compounding works in your favor. For goals under 3 years, stick to FDIC-insured savings.
The compound interest calculator shows how a given amount grows over time. This savings goal calculator works backwards — it starts from your target and tells you the monthly contribution required to get there. Both use the same underlying compound interest math.

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