Savings Goal Calculator
Plan how much to save monthly to reach your goal by a specific date.
Your Goal
How to Reach Any Savings Goal
Whether you're saving for a wedding, a down payment, a car, or your dream vacation, the math is the same: divide your goal by your timeline, then adjust for interest earned along the way.
Where to Keep Your Savings
For short-term goals (less than 5 years), use a high-yield savings account earning 4-5% APY. Avoid investing money you'll need within 3-5 years — the stock market is too volatile for short timelines.
Common Savings Goals and Timelines
- Emergency fund (3-6 months expenses): 6-12 months
- Car down payment ($5,000-$10,000): 12-24 months
- Wedding ($20,000-$30,000): 18-36 months
- House down payment ($60,000-$100,000): 3-5 years
Tips to Save Faster
- Automate it - Set up auto-transfer on payday so the money is gone before you can spend it
- Cut one big expense - Cancel a subscription, eat out less, or refinance debt
- Use windfalls - Tax refunds, bonuses, and gifts go straight to savings
- Side hustle - Even $200/month extra adds up to $2,400/year
Frequently Asked Questions
Where should I keep my savings?
For goals under 5 years, use a high-yield savings account (HYSA). Online banks like Ally, Marcus, and Discover typically offer 4-5% APY with FDIC insurance.
Should I save monthly or invest a lump sum?
For short-term savings goals, save monthly into a HYSA. Lump-sum investing is generally better for long-term goals (10+ years) where you can ride out market volatility.
What if I can't save the required amount?
You have three options: save what you can and extend your timeline, increase your income via a side hustle, or reduce your goal amount. Even saving half the required amount is better than nothing.