Savings Goal Calculator
By FiscallyAI Editorial (AI-assisted) • Updated 2026-02-19 • Educational tool
Enter your savings goal and timeline to find out how much you need to save each month.
Total amount you want to save
What you already have saved
High-yield savings accounts offer 4-5% APY (as of 2026)
Your Savings Plan
Monthly Savings Needed
$375
Savings Progress
You're 10% of the way there!
How to Use This Calculator
Enter your financial goal, how much you've already saved, and your timeline. The calculator will tell you exactly how much to set aside each month to hit your target.
Common Savings Goals
| Goal | Typical Amount | Timeline |
|---|---|---|
| Emergency Fund | $5,000 - $15,000 | 6-12 months |
| Vacation | $1,500 - $5,000 | 6-12 months |
| New Car (used) | $10,000 - $20,000 | 1-3 years |
| Wedding | $10,000 - $30,000 | 1-2 years |
| Home Down Payment | $20,000 - $100,000+ | 2-5 years |
Why APY Matters
APY (Annual Percentage Yield) is the interest rate you earn on your savings. A higher APY means your money grows faster, reducing the amount you need to contribute.
Example: $10,000 Goal in 2 Years
| APY | Monthly Savings | Interest Earned |
|---|---|---|
| 0% (checking account) | $417 | $0 |
| 4.5% (high-yield savings) | $400 | $408 |
| 5.5% (top HYSA) | $396 | $504 |
Tips to Reach Your Goal Faster
- Automate your savings — Set up automatic transfers on payday
- Use a high-yield savings account — Earn 4-5% APY vs 0.01% at traditional banks
- Start with a stretch goal — Save a little extra each month for buffer
- Track progress weekly — Visual progress increases motivation
- Reduce the timeline — Saving more monthly reduces interest earned, but reaches goals faster
Emergency Fund vs Goal Savings
Before saving for specific goals, most experts recommend building an emergency fund of 3-6 months of expenses. This should be your first savings priority because it prevents you from going into debt when unexpected expenses arise.
Disclaimer: This calculator is for educational purposes only. Actual returns vary based on market conditions. APY rates change. Not financial advice.