Savings Goal Calculator
Plan your path to financial goals. Calculate required contributions, time to goal, or project your future savings.
Calculate Required Contribution
Required Monthly Contribution
$641
per monthly to reach $50,000
Starting Amount
$5,000
Total Contributions
$38,452
Interest Earned
$6,548
Year-by-Year Progress
| Year | Contributions | Interest | Balance |
|---|---|---|---|
| 0 | $0 | $0 | $5,000 |
| 1 | $7,690 | $435 | $13,125 |
| 2 | $7,690 | $850 | $21,666 |
| 3 | $7,690 | $1,287 | $30,643 |
| 4 | $7,690 | $1,746 | $40,080 |
| 5 | $7,690 | $2,229 | $50,000 |
How to Reach Your Savings Goal
Whether you're saving for an emergency fund, a vacation, a down payment, or any other goal, this calculator helps you create a realistic plan. The key is consistency and understanding how compound interest works in your favor.
Start Early
The sooner you start, the more time compound interest has to work.
Be Consistent
Regular contributions, even small ones, add up over time.
Earn Interest
Higher interest rates significantly accelerate your savings.
Common Savings Goals
| Goal Type | Typical Target | Timeframe | Tips |
|---|---|---|---|
| Emergency Fund | 3-6 months expenses | 6-12 months | Keep in high-yield savings |
| Vacation | $2,000-$5,000 | 6-12 months | Automate weekly deposits |
| Car Down Payment | $3,000-$10,000 | 1-2 years | Aim for 20% of car value |
| Home Down Payment | $20,000-$100,000 | 3-5 years | Consider first-time buyer programs |
| College Fund | $50,000-$200,000 | 10-18 years | Use 529 plans for tax benefits |
Savings Strategies
- 1.Pay yourself first: Set up automatic transfers on payday before spending on anything else.
- 2.Use separate accounts: Keep goal-specific savings separate from everyday spending.
- 3.Round up purchases: Many apps round up purchases and save the difference.
- 4.Save windfalls: Put tax refunds, bonuses, and gifts directly into savings.
- 5.Track progress: Review your savings monthly to stay motivated.
- 6.Increase gradually: Raise your savings rate by 1% every few months.
The 50/30/20 Budget Rule
50%
Needs
Housing, food, utilities, insurance
30%
Wants
Entertainment, dining out, hobbies
20%
Savings
Emergency fund, retirement, goals