Savings Goal Calculator
Your Savings Goal
How much money do you want to save?
How much have you already saved?
When do you want to reach your goal?
Expected return on your savings/investments
How often will you contribute?
Your Savings Plan
Monthly Contribution Needed
Popular Savings Goals
Click on any goal below to quickly set your target amount and see how much you need to save.
Complete Guide to Savings Goal Planning
How to Set SMART Savings Goals
Specific
Define exactly what you're saving for and why it matters to you.
Measurable
Set a clear dollar amount and track your progress regularly.
Achievable
Ensure your goal is realistic based on your income and expenses.
Relevant
Choose goals that align with your values and life priorities.
Time-bound
Set a deadline to create urgency and enable progress tracking.
Savings Strategies That Work
💰 Pay Yourself First
Automatically transfer money to savings before paying other expenses.
📈 Use High-Yield Accounts
Earn 4-5% APY instead of 0.01% with traditional savings accounts.
🎯 Separate Goals
Use different accounts for different goals to avoid confusion.
📱 Automate Everything
Set up automatic transfers to make saving effortless.
🔄 Review Regularly
Check progress monthly and adjust as needed.
💡 Pro Tip: The 52-Week Savings Challenge
Start by saving $1 in week 1, $2 in week 2, $3 in week 3, and so on. By the end of the year, you'll have saved $1,378! Reverse it (start with $52) if you want to save more upfront.
Real Savings Examples
See how different contribution amounts and timeframes affect your savings goals. These examples assume a 4% annual return on your savings.
Emergency Fund Goal: $15,000
Vacation Goal: $10,000
Home Down Payment: $50,000
Frequently Asked Questions
How much should I save each month?
Financial experts recommend saving at least 20% of your income. Start with 10% if that's more manageable, then gradually increase. Use our calculator to see exactly how much you need for your specific goals.
Where should I keep my savings?
For short-term goals (under 2 years), use high-yield savings accounts or money market accounts. For longer goals, consider CDs, bonds, or conservative investments to earn higher returns.
What if I can't reach my savings goal on time?
Don't panic! You can extend your timeline, increase your monthly contributions, look for ways to earn more income, or adjust your goal amount. The important thing is to keep saving consistently.
Should I pay off debt or save first?
Generally, pay off high-interest debt (credit cards) first, then build a small emergency fund ($1,000), then tackle remaining debt. Once debt-free, focus on building your full emergency fund and other goals.
How do I stay motivated to save?
Set up automatic transfers, track your progress visually, celebrate milestones, and remind yourself why the goal matters to you. Consider using separate accounts for each goal.
What's a realistic interest rate for savings?
High-yield savings accounts currently offer 4-5% APY. Conservative investments might earn 6-8% annually, while stock market investments average 10% over long periods but with more risk.
Can I have multiple savings goals at once?
Yes! Prioritize them by importance and timeline. Emergency fund should come first, followed by high-priority goals. You can split your savings between multiple goals or focus on one at a time.
How often should I review my savings plan?
Review monthly to track progress and quarterly to make adjustments. Life changes, income increases, or new priorities might require updating your savings strategy.
Advanced Savings Tips
🏆 Savings Challenges
- • 52-Week Challenge: Save $1,378 in a year
- • No-Spend Month: Save 100% of discretionary income
- • Penny Challenge: Double your savings daily
- • Round-Up Apps: Save spare change automatically
📊 Track Your Progress
- • Use visual progress bars or charts
- • Take monthly screenshots of account balances
- • Celebrate every 25% milestone reached
- • Share progress with accountability partners
💡 Boost Your Savings
- • Save tax refunds and bonuses entirely
- • Use cash-back credit card rewards
- • Sell items you no longer need
- • Take on side hustles or freelance work