Savings Goal Calculator
Take what you still need, divide by the months left, let interest shave a bit off. That's the whole idea — this calculator just does it exactly, and updates as you type.
Save this much per month
$0
- Weekly equivalent
- $0
- Daily equivalent
- $0
- Total you'll deposit
- $0
- Interest doing the rest
- $0
Month-end deposits, steady APY. Round up for a safety margin.
Your path to the goal
How to use this calculator
- Enter the total cost of the goal — down payment, car, wedding, trip.
- Add anything already saved toward it; the calculator grows that head start with interest.
- Set the months until your deadline and your account's APY (high-yield accounts are typically 3.5–5%).
- Read the monthly figure — then set up an automatic transfer for that amount on payday.
The formula behind the numbers
The calculator grows your current savings forward to the deadline, then solves the future-value-of-annuity formula for the payment that fills the remaining gap:
PMT = (Goal − Current × (1 + i)m) × i ÷ ((1 + i)m − 1)
- i — monthly interest rate (APY ÷ 12) · m — months until the goal
Worked example: $20,000 in 3 years, $2,000 head start, 4.5% APY
Direct answer: $460.44 per month. Your $2,000 grows to about $2,289 on its own; 36 deposits of $460.44 plus their interest cover the remaining ~$17,700. With no interest you'd need $500 flat — the APY quietly covers about $40 of every month's target.
| Timeline for $20,000 | Monthly at 0% APY | Monthly at 4.5% APY | Interest contributes |
|---|---|---|---|
| 2 years | $750 | $717 | $790 |
| 3 years | $500 | $460 | $1,424 |
| 5 years | $300 | $261 | $2,330 |
The longer the runway, the more of your goal interest pays for — one more argument for starting the transfer this payday instead of next month.
Savings plan examples: wedding, down payment, car
Three dated goals, priced by this calculator. Click a card to load it, then swap in your own goal and deadline.
- Engaged couple
$15,000 wedding in 18 months
Starting from $1,000 in a 4.5% APY high-yield account, with a date already set.
$749.53 per month — or $375 from each partner. Interest quietly covers about $500 of the total.
Load this scenario in the calculator → - Future homeowner
$60,000 down payment in 5 years
The 20%-down target on a $300,000 home, starting from $8,000 at 4.5% APY.
$744.44 per month. Without the head start and the APY it would be $1,000 flat — the early $8,000 earns its keep.
Load this scenario in the calculator → - Commuter
An $8,000 used car in 12 months
From zero, at 4% APY — beating the 8.5% used-car loan by becoming the lender yourself.
$654.53 per month — steep, but roughly what the loan payment plus interest would have been anyway.
Load this scenario in the calculator →
Frequently asked questions
How do I calculate how much to save per month?
Divide what you still need by the months until your deadline, then trim it for the interest your savings will earn. To reach $20,000 in 3 years starting from $2,000 at 4.5% APY, you need $460.44 per month — the exact annuity math this calculator runs.
Where should I keep money for a short-term goal?
For goals under about 5 years: a high-yield savings account, money market account, or CD ladder — places where the balance cannot drop right before you need it. The stock market is for long horizons, not fixed deadlines; a 20% dip the month before closing on a house is a real scenario.
What is a sinking fund?
A dedicated mini-fund for a known future expense — holiday gifts, car repairs, annual insurance premiums, a vacation. Each goal gets its own monthly line so your emergency fund stays reserved for true surprises. This calculator prices any sinking fund: enter the cost and the months until it's due.
Should I save for a goal or pay off debt first?
A common order: build a $1,000 starter cushion, clear high-interest debt (roughly 7–8%+ APR) since paying off a 24% card is a guaranteed 24% return, then fund goals. Low-rate debt can run alongside saving. Our payoff guide covers the order of attack.
Is it better to save weekly or monthly?
Whatever matches your paycheck. The math difference is trivial; the behavioral difference is not — automatic transfers on payday succeed far more often than manual end-of-month deposits, because the money moves before you can spend it.
Should I round the result up?
Yes. The calculator assumes a steady APY and no missed months. Rounding $460 up to $500 builds an 8% buffer that absorbs a skipped month or a rate cut without moving your deadline.