Reach Any Savings Goal - On Schedule
Whether you are saving for a house down payment, a dream vacation, or a new car, this calculator tells you exactly how much to save each month - or how long it will take at your current savings rate. Includes the effect of interest earned while saving.
How This Calculator Works
Enter your savings goal, current savings, expected annual return, and target date. The calculator returns the required monthly contribution, or if you have a fixed monthly amount, the time to reach the goal.
Common Savings Goals
| Goal | Typical Target | Timeline |
|---|---|---|
| Emergency fund | 3-6 months expenses | 6-18 months |
| House down payment | 20% of home price | 2-5 years |
| New car | $5,000-$30,000 | 1-3 years |
| Wedding | $20,000-$40,000 | 1-2 years |
| Vacation | $2,000-$10,000 | 6-18 months |
| College fund | $100,000+ per child | 18 years |
Worked Example: $60,000 Down Payment in 5 Years
- Goal: $60,000
- Current savings: $5,000
- Expected return: 4% (high-yield savings)
- Years: 5
- Required monthly contribution: $1,006
- Total contributed: $60,360
- Interest earned: $4,640
Without interest, you would need $917/month for 60 months. Interest reduces the required contribution by about $90/month.
How to Save Faster
- Automate savings - a transfer on payday beats willpower
- Use a high-yield savings account (4-5% APY in 2026)
- Cut one recurring expense (streaming, unused subscription)
- Save every raise - half of any income increase goes to savings
- Use windfalls (tax refunds, bonuses) toward the goal
- Consider I-bonds or CDs for goals 1-3 years out
Where to Keep Your Savings
| Account Type | Typical APY (2026) | Best For |
|---|---|---|
| High-yield savings | 4.0-5.0% | Short-term goals |
| Money market | 3.5-4.5% | Larger balances |
| CDs (1-5 years) | 4.0-5.0% | Fixed timeline |
| Treasury bills | 4.0-5.0% | Tax-advantaged |
| I-bonds | Inflation-indexed | Long-term, inflation hedge |
| Regular savings | 0.1-0.5% | Avoid - too low |
Frequently Asked Questions
How much should I have in emergency savings?
Three to six months of essential expenses. If you are self-employed or in an unstable industry, aim for 9-12 months.
Should I save or invest for a down payment?
For goals under 5 years, keep money in high-yield savings or CDs. For goals 5+ years out, consider a conservative investment portfolio.
Is a 4% return realistic for savings?
For high-yield savings accounts in 2026, yes. For long-term investing, stocks average 7-10% but with volatility.
How do I save $10,000 in a year?
That is $833/month or $385 per bi-weekly paycheck. Automate the transfer, or break it into smaller weekly targets ($192/week).
What is the 50/30/20 rule?
50% needs, 30% wants, 20% savings. Adjust if you have aggressive savings goals.
Can I save too much?
Rarely - but if you are not investing enough for retirement, that is a priority over cash savings beyond your emergency fund.