Calculate how much to save each month to reach any financial goal by your target date.
How the Savings Goal Calculator Works
This calculator determines the monthly savings needed by subtracting the future value of your current savings from your goal, then computing the annuity payment required to make up the difference.
FV of current savings = P × (1 + r/12)^n
Remaining = Goal - FV of current savings
Monthly = Remaining × (r/12) / ((1 + r/12)^n - 1)
Frequently Asked Questions
For short-term goals (under 3 years), use a high-yield savings account (currently 4-5% APY). For medium-term goals (3-7 years), consider CDs or Treasury bonds. For long-term goals (7+ years), a diversified investment portfolio may offer higher returns despite volatility.
Even modest interest helps. Saving $500/month for 3 years at 0% yields $18,000. At 4.5% APY, you'd have $19,260 — earning $1,260 in interest. For longer timelines, the difference is more dramatic.
Adjust your timeline or reduce your goal. Even saving less than the ideal amount is better than not saving. Many people start small and gradually increase their monthly contributions as income grows.
Absolutely. Automatic transfers on payday remove the decision fatigue and temptation to spend. Research shows people who automate save 2-3x more than those who rely on manual transfers.
As of 2026, top high-yield savings accounts offer 4-5% APY with FDIC insurance. Compare rates at your bank, credit union, and online banks to maximize interest.