Everything is worked out in your browser and saved only on this device. Nothing you type is sent anywhere.
About the savings goal calculator
Saving for a holiday, a car, a deposit or an emergency fund? A goal with a date is much easier to reach than "save more". This calculator works it out two ways:
- Reach it by a date — how much to put away every week, every two weeks or every month.
- Save a set amount — when you will reach the goal if you save, say, $200 a month.
Add what you have already saved, and an interest rate if your savings account pays one. A small chart shows your savings growing.
How to use it
- Type your savings goal and what you have already saved
- Choose Reach it by a date and pick the date — or Save a set amount and type it
- Choose how often you save
- Add the interest per year if you like
- Read how much to save, or when you will reach the goal
How much to save
| Goal | Time | Per month | Per week | Per month at 4% interest |
|---|---|---|---|---|
| $1,000 | 6 months | $166.67 | $38.46 | $165.28 |
| $1,000 | 12 months | $83.33 | $19.23 | $81.82 |
| $5,000 | 12 months | $416.67 | $96.15 | $409.08 |
| $5,000 | 24 months | $208.33 | $48.08 | $200.46 |
| $10,000 | 24 months | $416.67 | $96.15 | $400.92 |
| $10,000 | 36 months | $277.78 | $64.10 | $261.91 |
| $20,000 | 60 months | $333.33 | $76.92 | $301.66 |
Interest helps more the longer you save: on a five-year goal, 4% interest saves you about $32 a month.
Tips to reach a savings goal
- Pay yourself first. Set up an automatic transfer on payday, before you spend.
- Save weekly if a monthly amount feels big — $96 a week is the same as $417 a month.
- Keep the money separate, in a savings account you do not see every day.
- Round up: add the extra from a bonus, a tax refund or a sale straight to the goal.
- Start with an emergency fund — many people aim for three months of living costs.
Frequently asked questions
How much should I save each month?
Divide what you still need by the number of months left. To save $5,000 in a year, put away $417 a month (or $96 a week). The calculator does it for any goal and date.
How long will it take to save $10,000?
At $300 a month it takes 34 months (just under 3 years); at $500 a month, 20 months. Choose Save a set amount to try your own number.
Does the interest make a big difference?
On short goals, not much. On long goals it adds up: saving $10,000 over three years at 4% means about $16 a month less than with no interest.
What interest rate should I use?
Use the rate your savings account pays (the APY). If you are not sure, leave it at 0 — the plan is then on the safe side.
Is this financial advice?
No. It is a simple calculator for planning. For investments, debt or retirement, talk to a qualified adviser.
Good to know
- Works with any currency — choose it at the top
- Your goal is saved in this browser, so you can check your progress later
- Nothing you type is sent anywhere
Related tools
- Compound Interest Calculator — how savings grow over years
- 50/30/20 Budget Calculator — find money to save each month
- Subscription Cost Calculator — find subscriptions to cancel
- Countdown to Date — count down to your goal date
- Loan Calculator — monthly payments on a loan
