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Tell us how much you want to put away and when you want to achieve your savings goal. We’ll calculate how much to save each month.
Savings goal calculator key terms
Savings goal: The total amount you want to save — whether it’s for an emergency fund, short-term goal or long-term goal.
Starting balance: The money you already have tucked away for your savings goal. Input “0” if you haven’t saved anything yet.
Time to grow: The deadline for your savings goal. For example, if you want to save for a deposit on a home you plan to buy in three years, you would input three years.
Annual interest rate: The interest you earn on your savings. The best high-yield savings accounts typically have a higher annual interest rate than average accounts.
If you have multiple financial goals in mind, use this calculator to focus on each one. Then, you can decide whether it’s best to prioritize them or start tackling them all at once.
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How to meet your monthly savings goal
Figuring out how much money to save is only half the battle. Next comes taking the right steps to stop spending and start saving more money.
Create a budget that includes savings goals
One option is to follow the 50/30/20 budget, which means spending 50% of your after-tax income on needs, 30% on wants and 20% on savings and debt repayment beyond minimums.
By consistently setting aside 20% of your income for savings, you may be able to generate an emergency fund, contribute to long-term retirement goals or begin paying off high-interest debt like credit cards.
Automate transfers and grow your savings in a HYSA
Setting up automatic transfers from your checking account to a special savings account can help keep you accountable and make it easier to track your progress.
Consider putting money aside in a high-yield savings account. HYSAs typically have higher interest rates than traditional savings accounts.
Set up sinking funds for future costs
Try creating sinking funds for big, but predictable, expenses such as vacations, car repairs, your child's summer camp or holiday gifts. Setting aside a bit each month means you'll have some money ready when you need it and won't have to fully rely on high-interest credit cards.
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