Save Money Calculator
Want to know how much you need to save each month to reach your financial goal? Our calculator helps you create a realistic savings plan by factoring in your current savings, timeline and expected interest rate.
How to use this calculator
Follow these steps to find how much you need to save monthly to reach your financial goals:
- Enter how much you've already saved toward your goal.
- Input your savings goal, or the total amount you want to save. Common goals include an emergency fund, down payment on a house, college education, wedding expenses or retirement.
- Enter how many months (or years) you have to reach your goal. Be realistic – giving yourself more time means lower required monthly savings.
- Look at current rates for savings accounts, certificates of deposit (CDs), or investment accounts depending on your timeline.
The calculator will then show you the amount you need to save each month to reach your goal.
Reaching your savings goal
The first step to reaching your savings goal is to choose the right place to store your money. Once you’ve determined where you want to save, automate your savings.
Set up automatic transfers on payday to ensure you save your target amount. Many banks let you create separate savings accounts for different goals.
You may also want to look for extra ways to increase your saving power, including cutting back on nonessential items or pursuing a side hustle for additional income.
