Savings goal calculator
Find out how much to save each month to reach a savings goal by a set date, including the interest your savings earn.
You've already reached your goal. Nothing more to save.
Save each month
- Total you put in
- Interest earned
Estimates only, for illustration.
How this calculator works
Enter your goal, what you've already saved, how many months you have and your account's interest rate (APY). The calculator works out the steady monthly deposit that, with interest, gets you to your goal on time.
It turns the yearly APY into a monthly rate, grows your current savings over the period, and works out the deposits needed to cover the rest.
Making it happen
- Automate it. Set up a transfer for the day after payday so the money moves before you can spend it.
- Use a separate account for each big goal, so you can see your progress.
- Check in every few months and adjust if your income or plans change.
Saving for something long-term? The compound interest calculator shows how money can grow over many years.
Common questions
Use the APY on the account where you'll keep the money. High-yield savings accounts usually pay much more than standard savings accounts. If you're not sure, try a lower rate so you don't come up short.
For goals in the next few years, keep the money somewhere safe and easy to reach, like a high-yield savings account or a CD. Money you won't need for many years can be invested, though its value can go down as well as up.
Give yourself more time, lower the goal, or start with a smaller amount and raise it when you can. Setting up an automatic transfer on payday makes any amount easier to stick to.