Use this savings goal calculator to find out how much you need to save each month to reach a goal by a certain date, or how long it will take if you save a set amount. It works for any goal, from an emergency fund or vacation to a car or a down payment on a home, and it includes the interest your savings earn.
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Progress toward your goal
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Estimates only. Assumes deposits at the end of each month, interest compounded monthly at a constant APY, and no taxes, fees or withdrawals. Savings rates can change at any time.
How to use the savings goal calculator
- Enter your goal and how much you’ve already saved toward it.
- Choose what you want to know: the monthly amount needed to hit your goal by a set time, or how long it will take at a monthly amount you can afford.
- Enter your savings account’s APY. The calculator compounds interest monthly and assumes you deposit at the end of each month.
With the default example, reaching $20,000 in 3 years with $2,000 already saved takes $465.38 a month at 4% APY. You deposit $16,754, and interest adds $1,246.
How much to save for common goals
Here’s what common goals take each month in a high-yield savings account at 4% APY compared with an account paying the 0.37% national average:
| Goal | At 4% APY | At 0.37% APY |
|---|---|---|
| $5,000 vacation in 1 year | $409.22/mo | $415.96/mo |
| $10,000 car down payment in 2 years ($1,000 saved) | $357.80/mo | $373.37/mo |
| $15,000 emergency fund in 2 years | $601.79/mo | $622.79/mo |
| $40,000 home down payment in 5 years ($5,000 saved) | $512.50/mo | $576.51/mo |
The longer your timeline, the more your interest rate matters. For the $40,000 down payment, interest at 4% contributes $4,250, and you’d deposit $3,841 less in total than at 0.37%.
How long will it take to reach your goal?
Choose “How long it will take” to see when you’ll reach your goal at a monthly amount you can afford. For the same $20,000 goal with $2,000 saved at 4% APY:
| Monthly savings | Time to reach $20,000 |
|---|---|
| $250 | 5 years 4 months |
| $375 | 3 years 8 months |
| $500 | 2 years 10 months |
| $750 | 1 year 11 months |
| $1,000 | 1 year 6 months |
Where to keep your savings
For goals within the next few years, keep your money somewhere safe and easy to reach rather than in the stock market, where your balance could fall right before you need it.
- High-yield savings accounts: top online accounts paid around 4.1% to 4.35% APY in October 2026, compared with a 0.37% national average. Rates are variable and can change at any time.
- Certificates of deposit (CDs): lock in a rate for a set term, which works well when you know exactly when you’ll need the money. You’ll usually pay a penalty to withdraw early.
- Money market accounts: pay rates similar to high-yield savings and sometimes include check-writing.
Make sure your bank is FDIC-insured (or NCUA-insured for credit unions), which protects up to $250,000 per depositor, per bank, for each account ownership category.
Tips to reach your savings goal faster
- Automate it. Set up an automatic transfer on payday so the money moves before you can spend it.
- Use a separate account for each goal so you can see your progress and aren’t tempted to dip in.
- Save windfalls. Put tax refunds, bonuses and gifts straight toward your goal.
- Find room in your budget. Cancel unused subscriptions or cut back on one spending category and redirect the difference.
- Pay off high-interest debt first if you carry a credit card balance, since card interest usually costs far more than savings earn. See how long it will take with our credit card payoff calculator.
Saving for the long term? Our compound interest calculator shows how investments grow over decades, and our retirement calculator shows whether you’re on track to retire. Saving for a home? Find a price that fits your budget with our home affordability calculator.
Frequently asked questions
How do I calculate how much to save each month?
Subtract what your current savings will grow to from your goal, then divide by how much $1 saved each month grows to over your timeline. With no interest, it’s simply the amount left to save divided by the number of months. The calculator does this for you, including interest.
How much should I save each month to have $20,000 in 3 years?
Starting from $2,000 already saved, you’d need about $465.38 a month at 4% APY, or $496.70 a month at the 0.37% national average savings rate. Starting from zero at 4% APY, it’s about $524.
How much should I have in an emergency fund?
A common guideline is three to six months of essential expenses. If your income is irregular or you’re the only earner in your household, aim for the higher end.
Does interest make a big difference for short-term goals?
Less than for long-term goals, but it adds up. Saving for a $15,000 emergency fund over 2 years at 4% APY earns about $557 in interest. Over 5 years, a $40,000 down payment goal earns about $4,250.
What is a good savings account rate right now?
In October 2026, top high-yield savings accounts paid around 4.1% to 4.35% APY, while the national average was 0.37%. Rates are variable, so compare accounts and check yours regularly.
This calculator provides estimates for educational purposes only and is not financial advice. Sources: NerdWallet: national average and high-yield savings rates; SwitchWize: savings rate watch, October 2026; FDIC: understanding deposit insurance.