Savings Goal Calculator
Plan your savings strategy with our free calculator. Determine how much to save monthly or weekly to reach your financial goals, accounting for interest and your timeline.
Leave blank for no interest
For illustration only. Actual returns may vary.
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How to Use
- 1 Enter your savings goal — Input the total amount you want to save. This is your target savings amount.
- 2 Add current savings — Enter any money you've already saved toward this goal. Leave at 0 if starting fresh.
- 3 Set your timeline — Choose how many months you have to reach your goal, or select a target date.
- 4 Review your plan — See how much you need to save per period and track milestones along the way.
Frequently Asked Questions
How does the savings goal calculator work?
The calculator determines how much you need to save regularly to reach your target amount. It factors in your current savings, time frame, and optional interest earnings to calculate the required monthly or weekly contribution.
Should I include interest in my calculation?
If you're saving in a high-yield savings account or investment account, including an interest rate gives a more accurate picture. For regular checking accounts, leave it at 0%. Even small interest rates can significantly reduce how much you need to save.
What's a realistic savings goal timeline?
This depends on your income and expenses. Financial experts suggest saving 20% of income. For a $10,000 goal, saving $500/month takes 20 months without interest. Adjust the timeline until the required savings fits your budget.
Can I adjust my plan if circumstances change?
Yes! Recalculate anytime your situation changes. If you can save more some months, you'll reach your goal faster. The calculator helps you understand how changes affect your timeline.