Savings Goal Calculator: Know How Much to Save Per Month

Savings Goal Calculator

Saving enough money for the future starts with a plan. Use this calculator to find out how much you need to set aside each month to meet your savings goal.

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Edited by other Updated Dec 12, 2024 Tell us how much you want to put away and when you want to achieve your savings goal. We’ll calculate how much to save each month.

Savings goal calculator key terms

Savings goal: The total amount you want to save — whether it’s for an emergency fund, short-term goal or long-term goal. Savings goal Starting balance: The money you already have tucked away for your savings goal. Input “0” if you haven’t saved anything yet. Starting balance Time to grow: The deadline for your savings goal. For example, if you want to save for a deposit on a home you plan to buy in three years, you would input three years. Time to grow Annual interest rate: The interest you earn on your savings. The best high-yield savings accounts typically have a higher annual interest rate than average accounts. Annual interest rate If you have multiple financial goals in mind, use this calculator to focus on each one. Then, you can decide whether it’s best to prioritize them or start tackling them all at once.
If you have multiple financial goals in mind, use this calculator to focus on each one. Then, you can decide whether it’s best to prioritize them or start tackling them all at once.
If you have multiple financial goals in mind, use this calculator to focus on each one. Then, you can decide whether it’s best to prioritize them or start tackling them all at once.

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How to meet your monthly savings goal

Figuring out how much money to save is only half the battle. Next comes taking the right steps to stop spending and start saving more money.

Create a budget that includes savings goals

One option is to follow the 50/30/20 budget, which means spending 50% of your after-tax income on needs, 30% on wants and 20% on savings and debt repayment beyond minimums. By consistently setting aside 20% of your income for savings, you may be able to generate an emergency fund, contribute to long-term retirement goals or begin paying off high-interest debt like credit cards.

Automate transfers and grow your savings in a HYSA

Setting up automatic transfers from your checking account to a special savings account can help keep you accountable and make it easier to track your progress. Consider putting money aside in a high-yield savings account. HYSAs typically have higher interest rates than traditional savings accounts.

Set up sinking funds for future costs

Try creating sinking funds for big, but predictable, expenses such as vacations, car repairs, your child's summer camp or holiday gifts. Setting aside a bit each month means you'll have some money ready when you need it and won't have to fully rely on high-interest credit cards. » Explore more financial calculators from NerdWallet » Explore more Explore more on About the authors Schwahn Lauren Schwahn is a writer at NerdWallet who covers credit scoring, debt, budgeting and money-saving strategies. She contributed to the "Millennial Money" column for The Associated Press and managed a team of writers producing content for the series. Her work has also been featured by USA Today, MSN, The Washington Post and more. Lauren has a bachelor’s degree in history from the University of California, Santa Cruz. She is based in San Francisco. Published in Barroso Amanda Barroso, Ph.D., is a writer and content strategist helping consumers navigate budgeting, credit building and credit scoring. Before joining NerdWallet, Amanda wrote about demographic trends at the Pew Research Center and earned a Ph.D. from The Ohio State University. Her work has been featured by the Associated Press, Washington Post and Yahoo Finance. Published in 28 Proven Ways to Save Money 8 Ways to Track Monthly Expenses How to Budget Money in 5 Steps What is a budget? A simple guide to getting started By Lauren Schwahn, Amanda Barroso Needs vs. Wants: How to Budget for Both By Lisa Mulka How to Budget Money in 5 Steps By Amanda Barroso, Lauren Schwahn Sinking Funds: The Secret to Stress-Free Expenses By Amanda Barroso What Is My Net Income? By Lisa Mulka