Plan How Much to Save Each Month
Whether you are saving for an emergency fund, a down payment, a car, a wedding or a vacation, this savings goal calculator tells you exactly how much to set aside each month. Enter your goal amount, what you have already saved, the annual interest rate your savings earn and the number of months until your deadline.
The calculator shows the required monthly contribution, the total amount you will contribute and how much interest you will earn along the way.
How the Monthly Savings Amount Is Calculated
The calculator first grows your current savings at the monthly interest rate until your target date. It then works out the equal monthly deposit needed to cover the remaining gap, using the future value of an annuity formula.
Example: to reach $15,000 in 36 months with $3,000 already saved in a 4% high-yield savings account, you would need to save about $304 per month. That is roughly $10,950 in total deposits, so interest makes up the rest.
Tips for Reaching Your Goal Faster
- Automate a transfer to savings on payday so you save before you spend.
- Keep short-term savings in a high-yield savings account rather than a checking account.
- Put windfalls such as tax refunds and bonuses toward your goal.
- Break big goals into smaller milestones to stay motivated.
Frequently Asked Questions
What interest rate should I enter?
Use the APY of the account where you keep your savings. High-yield savings accounts often pay much more than standard savings accounts. If you are unsure, enter 0% for a conservative estimate.
How big should an emergency fund be?
A common guideline is three to six months of essential living expenses. Total your monthly needs, such as housing, food, utilities, insurance and debt payments, then multiply by three to six to set your goal.
What if I can't afford the required monthly amount?
Try extending the number of months, lowering the goal or finding a higher-yield account. Small changes in the timeline can make the monthly amount much more manageable.