Savings Goal Calculator
Figure out how much to save each month to hit your target — or how long it'll take at your current pace. Pick a goal, set the numbers, see the plan.
What Are You Saving For?
Your Numbers
HYSAs currently offer 4-5% APY
Target: August 2027
Your Savings Plan
to reach $15,000 by August 2027
3.4% of goal from interest
How You'll Get There
Milestones
$4,030
Month 4 (4 months)
$7,882
Month 9 (9 months)
$11,807
Month 14 (1 year, 2 months)
$15,000
Month 18 (1 year, 6 months)
Growth Over Time
Contributions Interest
What If?
See how changes accelerate your savings
Month-by-Month Breakdown
| Month | Contribution | Interest | Balance | % of Goal |
|---|---|---|---|---|
| Start | $1,000 | — | $1,000 | 6.7% |
| 1 | $749.53 | $3.75 | $1,753 | 11.7% |
| 2 | $749.53 | $6.57 | $2,509 | 16.7% |
| 3 | $749.53 | $9.41 | $3,268 | 21.8% |
| 425% ✓ | $749.53 | $12.26 | $4,030 | 26.9% |
| 5 | $749.53 | $15.11 | $4,795 | 32.0% |
| 6 | $749.53 | $17.98 | $5,562 | 37.1% |
| 7 | $749.53 | $20.86 | $6,333 | 42.2% |
| 8 | $749.53 | $23.75 | $7,106 | 47.4% |
| 950% ✓ | $749.53 | $26.65 | $7,882 | 52.5% |
| 10 | $749.53 | $29.56 | $8,661 | 57.7% |
| 11 | $749.53 | $32.48 | $9,443 | 63.0% |
| 12 | $749.53 | $35.41 | $10,228 | 68.2% |
| 13 | $749.53 | $38.36 | $11,016 | 73.4% |
| 1475% ✓ | $749.53 | $41.31 | $11,807 | 78.7% |
| 15 | $749.53 | $44.28 | $12,601 | 84.0% |
| 16 | $749.53 | $47.25 | $13,397 | 89.3% |
| 17 | $749.53 | $50.24 | $14,197 | 94.6% |
| 18100% ✓ | $749.53 | $53.24 | $15,000 | 100.0% |
Quick Savings Tips
Automate it
Set up automatic transfers on payday. Money you don't see is money you don't spend.
Use a high-yield savings account
Online banks currently offer 4-5% APY vs. 0.01% at traditional banks. That's free money.
Start with what you can
Even $50/month builds momentum. You can always increase later as your income grows.
Keep it separate
Open a dedicated account for each goal. Mixing savings with spending leads to 'borrowing' from yourself.
Understanding Savings Growth
Compound interest is your savings accelerator. Interest earned each month gets added to your balance, and next month you earn interest on the interest. The longer your timeline, the bigger the compounding effect. On a 5-year savings plan at 4.5% APY, interest can cover 10-15% of your goal.
APY vs. APR: APY (Annual Percentage Yield) includes the effect of compounding — it's the real rate you earn. APR doesn't account for compounding. When comparing savings accounts, always compare APY.
Emergency fund first. Before saving for other goals, most financial advisors recommend building 3-6 months of essential expenses in a liquid, accessible account. This protects your other savings goals from unexpected setbacks.
The 50/30/20 rule suggests allocating 20% of after-tax income to savings and debt repayment. If you earn $4,000/month after taxes, that's $800/month for all savings goals combined.