Savings Goal
How much do I need to save to reach my goal?
Saving for a car, a trip, a home or an emergency fund? Tell us your goal and deadline and we'll work out how much to save each month — or tell us what you can save and we'll tell you how long it takes.
How to use this calculatorShowHide
- Step 1: Choose what you want to know: “How much to save” or “How long it takes”.
- Step 2: Enter your goal amount, what you've already saved, and your deadline or monthly savings.
- Step 3: Enter your savings account's interest rate (use 0 if it's in a regular checking account).
What you'll need
- Your goal amount and deadline
- What you've saved so far
- Your savings account's rate (APY) — shown in your bank app
Don't know a number? Leave the example value in, or tap the ⓘ next to it. New to this? Read the Beginner's Guide →
Save each month
$590.43
To turn $2,000 into $25,000 in 3 years at 4.5%, save $590.43 a month. You'll contribute $23,255 in total and interest covers the other $1,745.
- Total you contribute
- $23,255.45
- Interest earned
- $1,744.55
- Number of deposits
- 36
| Year | Deposits | Interest | Balance | % of goal |
|---|---|---|---|---|
| 1 | $7,085.15 | $239.85 | $9,325.00 | 37% |
| 2 | $7,085.15 | $576.36 | $16,986.52 | 68% |
| 3 | $7,085.15 | $928.33 | $25,000.00 | 100% |
What this means
In plain English
Got something to save for — a car, a trip, a home, an emergency fund? This turns your goal into a plan. It can answer two questions:
- How much should I save each month to reach my goal by a certain date?
- How long will it take if I save a set amount each month?
When to use it
- Planning for a big purchase
- Building an emergency fund
- Seeing how a better savings rate helps
Example
You want $25,000 in 3 years. You've already saved $2,000, and your savings account pays 4.5%.
You'd need to save about $590 a month. You'd put in about $23,250 yourself, and interest would add the other $1,750 or so.
Watch out for
Taking big risks with short-term money. If you need the money within a few years, a high-yield savings account or CD is usually safer than the stock market. A market drop right before your deadline could wipe out years of saving.
The math (optional)
How much to save each period:
PMT = (Goal − Saved × (1 + i)^N) × i ÷ ((1 + i)^N − 1)
How many periods it takes:
N = ln((Goal × i + PMT) ÷ (Saved × i + PMT)) ÷ ln(1 + i)
Here i is the interest rate per deposit period and N is the number of deposits. With a 0% rate these become simply (Goal − Saved) ÷ N and (Goal − Saved) ÷ PMT.