Savings Calculator
Whether you're saving for a down payment, emergency fund or major purchase, our savings goal calculator helps you create a savings plan. Enter your goal and timeline to see exactly how much you need to save daily, weekly and monthly to reach your target.
How to use this calculator
Enter these details to create your own personalized savings plan:
- Your savings goal amount: The total amount you want to save, such as $20,000 for a down payment or $5,000 for an emergency fund.
- Years to reach your goal: Be realistic with your timeline – a longer period means lower required monthly savings but also means waiting longer to reach your goal.
- Initial deposit: Any amount you can put toward your goal today will reduce your needed future savings.
- Expected interest rate: Look at current rates for savings accounts, certificates of deposit (CDs), or other savings vehicles.
- Compounding frequency: How often interest is credited to your account. Most savings accounts compound daily or monthly.
The calculator will then show you the amount to save each month to reach your goal, as well as how much to set aside each day (or week) to reach your goal.
Making your savings plan work
Break down big goals into manageable pieces: Instead of focusing on saving $12,000 per year, think about it as $1,000 monthly, $231 weekly, or $33 daily. Small, regular deposits add up over time.
You’ll also want to choose the right place to save your money. High-yield savings accounts offer easy access and competitive rates, while CDs may offer higher rates but come with early withdrawal penalties.
Once you’ve picked out an account, put your savings on autopilot. Set up direct deposit to send part of your paycheck to savings so you won’t forget.
