Savings Goal Calculator
Find how much to save monthly to reach your savings goal on time.
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FAQs
What interest rate should I use for a savings account?
Use the actual annual interest rate (APY) from your savings account or investment vehicle. High-yield savings accounts typically offer 4–5% APY. A standard bank savings account may offer only 0.5–1%. Use 0% if your savings earn no interest.
What if I already have some savings towards the goal?
Enter your current savings in the Current Savings field. The calculator subtracts this from your goal and calculates the monthly contribution needed for only the remaining amount, accounting for interest on both existing savings and new contributions.
What happens if I miss a monthly contribution?
Missing contributions extends the time needed to reach your goal or requires larger future contributions to compensate. Automating transfers to a dedicated savings account on payday is the most reliable way to stay on track.