Savings Goal Calculator

Have a financial goal? Find out exactly how much you need to save per month, day, and even hour to reach it by your target date.

Savings Goal Planner

What do you need to save to reach your goal?

Learn More About Saving & Investing

How to Use the Savings Goal Calculator

  1. Set Your Savings Goal: Enter the total amount you want to save.
  2. Enter Your Current Savings: Input how much you've already saved toward this goal. You can start with 0.
  3. Set Your Target Date: Choose the date by which you want to achieve your goal.
  4. Estimate Your Interest Rate: Provide the expected annual percentage yield (APY) on your savings.
  5. Click “Calculate”: Get an instant breakdown of the required savings on a monthly, daily, and hourly basis.

Making Your Goal Actionable

Seeing a large savings goal can be intimidating. This tool breaks it down into actionable steps. Seeing that you need to save '$X per day' or '$Y per hour' of your working time can make the goal feel much more manageable and helps you contextualize your spending habits.

  • Daily Savings: This number can help you make better daily spending decisions. Can you skip a coffee or pack a lunch to meet your daily target?
  • Monthly Savings: This is the most important number for budgeting. Set up an automatic transfer for this amount from your checking to your savings account each month.

By starting early and contributing consistently, you give compound interest more time to work its magic, reducing the amount you need to save out of pocket.

Tips for Reaching Your Savings Goals

  • Automate Your Savings: Set up automatic transfers from your checking account to your savings account each payday. This "pay yourself first" strategy is the most effective way to save consistently.
  • Use a High-Yield Savings Account (HYSA): Don't let your money sit in a traditional savings account earning close to 0% interest. HYSAs offer significantly higher rates, helping your money grow faster.
  • Track Your Spending: Use a budgeting app or a simple spreadsheet to see where your money is going. You might find easy places to cut back and redirect that cash toward your goal.
  • Set Realistic, Specific Goals: A clear goal (e.g., "Save $15,000 for a car down payment by June 2026") is more motivating than a vague one ("Save more money").
  • Celebrate Milestones: When you hit a savings milestone (like reaching 25% or 50% of your goal), acknowledge your progress to stay motivated.

Frequently Asked Questions