Savings Goal Calculator
Calculate monthly savings needed to reach your financial goals. Visualize progress towards your target.
Examples
Saving $20,000 for a Down Payment in 3 Years
Building a $15,000 Emergency Fund in 18 Months
Frequently Asked Questions
What savings account should I use?
How much comparison should I save?
Quick Tips
Double check your inputs. Ensure units match (e.g., inches vs cm).
How to Use This Calculator
Enter your target amount (e.g. emergency fund, vacation, or down payment) and the date you want to reach it. Add your current savings and how much you can contribute each month. Click Calculate to see whether you are on track or how much you need to save monthly.
Understanding the Formula
Uses standard compound interest formula to project future value and solve for required monthly payments.
Examples
Saving $20,000 for a Down Payment in 3 Years
You want to save $20,000 for a home down payment in 36 months. Starting with $2,000 in savings and earning 4.5% APY in a high-yield savings account, you need to save approximately $478/month to reach your goal on time.
Building a $15,000 Emergency Fund in 18 Months
You currently have $3,000 saved and want to reach $15,000 in 18 months. With a savings account earning 5.0% APY, you need to deposit about $645/month. If you extend the timeline to 24 months, the required monthly contribution drops to about $476.
Frequently Asked Questions
What savings account should I use?
For short-term goals (<5 years), High Yield Savings Accounts (HYSA) or CDs are recommended.
How much comparison should I save?
Automating your monthly contribution is the most reliable way to hit your goal.