Savings Calculator: Find Out How Much to Save Each Month
Use this free savings calculator to figure out how much you need to save monthly to hit a specific goal, or see how a set monthly amount grows over time with interest. Enter your goal, timeframe, and interest rate to get started.
Savings Goal Calculator
What Goes Into the Calculation
- Savings goal — The target amount you want to reach.
- Current savings — Any amount you've already set aside.
- Timeframe — How many months or years you have to reach your goal.
- Interest rate — The annual rate your savings account or fund earns.
Common Savings Goals
Whether you're building an emergency fund, saving for a down payment, or setting aside money for a big purchase, the math works the same way: your goal, timeframe, and interest rate determine how much you need to set aside each month. A high-yield savings account can meaningfully speed up shorter-term goals.
Tips for Hitting Your Savings Goal Faster
- Automate transfers so saving happens without relying on willpower.
- Use a high-yield account to earn more on your balance.
- Cut one recurring expense and redirect it straight to savings.
- Revisit your goal if your timeline or target amount changes.
Frequently Asked Questions
How much should I have in an emergency fund? A common guideline is three to six months of essential expenses, though your ideal number depends on job stability and other factors.
Does this calculator account for compound interest? Yes, it factors in interest earned on your growing balance, not just your contributions.
What if I can't hit my goal in the timeframe I want? Try adjusting the timeframe or monthly contribution in the calculator to see what's realistic for your budget.