Savings Goal Calculator
Plan how to reach your savings goal. Enter your target amount, timeline, and interest rate to see how much to save each month.
Free Savings Goal Calculator
The SmarterSources Savings Goal Calculator helps you plan exactly how much to set aside each month to reach any financial goal. Whether you're saving for an emergency fund, vacation, down payment, or major purchase, this tool shows the path to get there.
How It Works
Enter your savings goal, starting balance, and timeline. The calculator determines the monthly contribution needed. If you enter an interest rate (like a high-yield savings account APY), it accounts for compound interest, reducing the amount you need to contribute each month.
The Power of Starting Early
The longer your timeline, the less you need to save each month — and the more interest helps. Saving $10,000 in 12 months requires ~$833/month. Over 24 months, it's ~$417/month. With 4.5% APY over 24 months, it drops to ~$405/month because interest covers $288.
Frequently Asked Questions
How much should I save each month?
A common rule of thumb is to save 20% of your income (the 50/30/20 rule). But the right amount depends on your goals and timeline. Use this calculator to find the exact monthly amount for your specific goal.
Does interest make a big difference?
For short-term goals (under a year), interest has a small impact. For longer goals (2+ years), it becomes significant. A high-yield savings account at 4-5% APY can save you hundreds or thousands in contributions over time.
Is my data safe?
Yes. This calculator runs entirely in your browser. No data is sent to any server and nothing is stored.