Have a target in mind? Find out exactly how much to set aside each month.
A savings goal calculator tells you exactly how much to set aside each month to reach a target by a chosen date. Enter your goal, what you've saved, your timeline, and an expected return to get your required monthly contribution.
For goals within a couple of years, a car, a wedding, a near-term down payment, most people keep the money somewhere safe like a high-yield savings account or CD, since a market dip at the wrong moment could set them back. For goals a decade or more away, investing for growth usually makes sense. This calculator lets you set the return, so you can model either assumption.
The reliable way to hit a savings goal is to make the contribution automatic, a scheduled transfer on payday, before you can spend it. Treating savings like a bill rather than whatever's left over is the difference between reaching a goal and drifting past the deadline. If the required amount feels steep, extend the timeline or trim the target and re-run the numbers.
Where you keep savings should depend on when you need the money. For goals within a couple of years, a car, a wedding, a near-term down payment, safety matters more than yield, so a high-yield savings account or CD protects the money from a badly timed market dip. For goals a decade or more away, investing for growth usually makes sense, since time smooths out volatility and compounding does more work. Matching the account to the horizon keeps short-term money safe and long-term money growing.
A high-yield savings account is liquid, insured, and pays a modest rate, ideal for near-term goals and emergency funds. Investing in a diversified mix of stocks and bonds offers higher expected returns for long-term goals but comes with the risk of short-term losses. The right split depends on your timeline and tolerance for swings: money you need soon belongs somewhere stable, while money you will not touch for years can afford to ride out the market for greater growth.
The most reliable way to reach a savings target is to make the contribution automatic, a scheduled transfer on payday, before the money can be spent. Treating savings like a fixed bill rather than whatever is left over is the difference between reaching a goal and drifting past the deadline. Automation also removes the monthly decision and the temptation to skip, and raising the amount whenever your income grows keeps you ahead without feeling a pinch.
For goals many years out, remember that a fixed dollar target buys less over time. A college fund or a house down payment that looks sufficient today may fall short after a decade of rising prices. Sizing long-term goals to future costs, and choosing investments that can outpace inflation, keeps the plan realistic. The calculator works in nominal dollars, so for distant goals it is worth padding the target to reflect the prices you will actually face.
Before aggressively funding other goals, most people benefit from a cash cushion of three to six months of essential expenses, kept somewhere safe and accessible. An emergency fund prevents a surprise expense from derailing your savings plan or forcing you into high-interest debt. Once that buffer is in place, redirecting the same automatic contributions toward your specific goal, whether a home, a trip, or retirement, rests on a stable foundation that protects your progress.
Most people are saving for more than one thing at a time, an emergency fund, a vacation, a home, retirement, and trying to fully fund them one at a time can stall the important long-term goals. A better approach is to prioritize and run several in parallel. Fund the emergency cushion and capture any employer retirement match first, since those protect you and offer guaranteed returns. Then split your remaining savings across goals by priority and deadline, keeping near-term money in safe accounts and long-term money invested. Dedicated 'sinking funds', separate savings buckets for known future expenses like a car replacement or holiday spending, prevent those costs from becoming debt. Automating a transfer to each bucket on payday keeps every goal moving without monthly decisions. Progress on several fronts at once, even if slower on each, usually beats finishing one goal while neglecting the rest.
It depends on the target, your timeline, and your return. Enter them above and the calculator solves for the exact monthly amount.
For goals within a few years, most people favor high-yield savings or CDs over the market, to avoid short-term volatility.
Yes, growth on your balance means you contribute less of the goal yourself. The tool shows how much comes from returns.
For goals within a few years, favor a high-yield savings account or CD to protect the money. For goals a decade or more away, investing for growth usually makes sense because time smooths out market swings.
It depends on your target, timeline, current savings, and expected return. The calculator solves for the exact monthly amount; if it feels steep, extend the timeline, trim the goal, or start with what you can and increase it over time.
See the exact formula and a worked example on our methodology page.