Savings Goal Calculator

Savings Goal Calculator: Reach Your Target

Whether you are saving for a down payment on a house, a dream wedding, or an emergency fund, having a clear plan is the first step to success. Our Savings Goal Calculator does the backward math for you: tell us how much you need and when you need it, and we'll tell you exactly how much to set aside each month.

The S.M.A.R.T. Goal Framework

To increase your chances of success, ensure your financial goals are S.M.A.R.T.:

Specific: "Save $10,000" instead of "save money."
Measurable: You can track progress (e.g., using this calculator).
Achievable: Is the monthly contribution realistic for your budget?
Relevant: Does this goal align with your long-term values?
Time-bound: Set a deadline (e.g., "in 12 months").

Where to Put Your Savings?

High-Yield Savings (HYSA)

Best for short-term goals (1-3 years). Your money is safe (FDIC insured) and earns decent interest (often 4-5% APY).

Investments (Stocks/Bonds)

Best for long-term goals (5+ years). Potential for higher returns (7-10%), but comes with the risk of market volatility.

Tips to Save Faster

Pay Yourself First: Treat your savings contribution like a bill. Set up an automatic transfer on payday so the money leaves your checking account before you can spend it.
Audit Your Subscriptions: Cancel streaming services or memberships you rarely use. Redirect that $20 or $50 directly to your savings goal.
Windfalls: If you get a tax refund or a work bonus, save 50% of it immediately.

Frequently Asked Questions

How much should I have in an emergency fund?

Most experts recommend saving 3 to 6 months of living expenses. This protects you against job loss or unexpected medical bills.

Does the interest rate really matter for short-term goals?

Yes! On a $10,000 goal, the difference between a 0.01% standard bank rate and a 5% HYSA rate is nearly $500 a year in free money.