Savings Goal Calculator
Calculate how much to save each month to reach your financial goal. Compare different timeframes, see how interest helps, and track your progress with milestones.
Your Savings Goal
Required Monthly Savings
to reach $50,000 in 3.0 years
Other Contribution Frequencies
Progress Milestones
Timeframe Comparison
| Timeframe | Monthly Savings | Total Contributions |
|---|---|---|
| 1 years | $3,655 | $43,854 |
| 2 years | $1,777 | $42,640 |
| 3 years | $1,151 | $41,440 |
| 4 years | $839 | $40,256 |
| 5 years | $651 | $39,086 |
| 7 years | $438 | $36,793 |
| 10 years | $279 | $33,465 |
Interest Rate Impact
| Rate | Monthly Savings | Interest Earned |
|---|---|---|
| 0% | $1,250 | $0 |
| 2% | $1,206 | $1,599 |
| 4% | $1,162 | $3,171 |
| 5% | $1,140 | $3,947 |
| 6% | $1,119 | $4,716 |
| 7% | $1,098 | $5,479 |
Monthly Projection
| Month | Contribution | Interest | Balance | Progress |
|---|---|---|---|---|
| 1 | $1,151 | $19 | $6,170 | 12.3% |
| 2 | $1,151 | $23 | $7,344 | 14.7% |
| 3 | $1,151 | $28 | $8,523 | 17.0% |
| 4 | $1,151 | $32 | $9,706 | 19.4% |
| 5 | $1,151 | $36 | $10,893 | 21.8% |
| 6 | $1,151 | $41 | $12,085 | 24.2% |
| 7 | $1,151 | $45 | $13,282 | 26.6% |
| 8 | $1,151 | $50 | $14,483 | 29.0% |
| 9 | $1,151 | $54 | $15,688 | 31.4% |
| 10 | $1,151 | $59 | $16,898 | 33.8% |
| 11 | $1,151 | $63 | $18,112 | 36.2% |
| 12 | $1,151 | $68 | $19,332 | 38.7% |
Savings Tips
Automate Your Savings
Set up automatic transfers on payday. "Pay yourself first" ensures savings happen before you can spend. Even small automatic amounts add up significantly over time.
Use High-Yield Accounts
High-yield savings accounts offer 4-5% APY vs 0.01% at traditional banks. On $50,000, that's $2,000+/year in interest vs $5. Your money should work for you.
Track Your Progress
Regularly checking your progress keeps you motivated. Celebrate milestones (25%, 50%, 75%) and adjust contributions if you're ahead or behind schedule.
Frequently Asked Questions
How much should I save each month?
It depends on your goal, timeframe, and current savings. Common guidelines:
- Emergency fund: 3-6 months expenses
- General savings: 20% of income
- Retirement: 15% of income (including employer match)
Use this calculator to find the exact amount for your specific goal.
How does compound interest help?
Compound interest means you earn interest on your interest:
- Year 1: $10,000 × 5% = $10,500
- Year 2: $10,500 × 5% = $11,025
- Year 3: $11,025 × 5% = $11,576
Over 10 years, $10,000 at 5% becomes $16,289—$6,289 in interest!
Where should I keep my savings?
| Timeframe | Best Option | Expected Return |
|---|---|---|
| Under 1 year | High-yield savings | 4-5% |
| 1-3 years | CDs or I Bonds | 4-5% |
| 3-5 years | Conservative mix | 5-6% |
| 5+ years | Diversified portfolio | 7-10% |
How can I save more?
- Automate: Set up automatic transfers on payday
- Pay yourself first: Save before spending
- Use high-yield accounts: 4-5% vs 0.01%
- Track spending: Find areas to cut
- Increase income: Side hustles, raises