Calculate how much to save monthly to reach your financial goals. Plan for retirement, a house down payment, or any savings target.
Save $537.92 per month for 10 years to reach your goal of $100,000.
A savings goal calculator helps you determine how much you need to save each month to reach a specific financial target by a certain date. Whether you're saving for a house down payment, a new car, emergency fund, or retirement, this tool shows you the path to get there.
The calculator accounts for compound interest, showing how your savings can grow faster over time when invested properly.
To calculate the monthly contribution needed to reach a goal:
Where:
Goal: $20,000 emergency fund in 3 years Current savings: $2,000 Expected return: 4% (high-yield savings account)
Monthly contribution needed: $473
Goal: $60,000 down payment in 5 years Current savings: $10,000 Expected return: 5%
Monthly contribution needed: $749
Goal: $500,000 in 20 years Current savings: $50,000 Expected return: 7%
Monthly contribution needed: $708
Starting early dramatically reduces what you need to save monthly:
Goal: $100,000 at 7% return:
| Years | Monthly needed | Total contributions | Interest earned |
|---|---|---|---|
| 5 | $1,398 | $83,880 | $16,120 |
| 10 | $579 | $69,480 | $30,520 |
| 15 | $329 | $59,220 | $40,780 |
| 20 | $210 | $50,400 | $49,600 |
| 30 | $99 | $35,640 | $64,360 |
Starting 10 years earlier cuts your monthly contribution by more than half.
Financial experts recommend 3-6 months of living expenses. Calculate your monthly essentials and multiply:
| Monthly expenses | 3-month fund | 6-month fund |
|---|---|---|
| $3,000 | $9,000 | $18,000 |
| $4,000 | $12,000 | $24,000 |
| $5,000 | $15,000 | $30,000 |
Conventional loans typically require 20% down to avoid PMI:
| Home price | 10% down | 20% down |
|---|---|---|
| $300,000 | $30,000 | $60,000 |
| $400,000 | $40,000 | $80,000 |
| $500,000 | $50,000 | $100,000 |
Average 4-year college costs (including room and board):
| Type | Current cost | In 18 years (5% inflation) |
|---|---|---|
| Public in-state | $100,000 | $240,000 |
| Public out-of-state | $180,000 | $433,000 |
| Private | $220,000 | $530,000 |
To pay cash for your next vehicle:
| Car price | 3-year goal | 5-year goal |
|---|---|---|
| $25,000 | $681/month | $387/month |
| $35,000 | $953/month | $541/month |
| $50,000 | $1,362/month | $774/month |
(Assumes 4% return)
Your expected return depends on where you save:
| Account type | Expected return | Best for |
|---|---|---|
| Regular savings | 0.5% | Short-term, under 1 year |
| High-yield savings | 4-5% | Emergency fund, under 3 years |
| CDs | 4-5% | Fixed timeline goals |
| I Bonds | ~5% (inflation-adjusted) | 1+ year goals |
| Conservative portfolio | 5-6% | 3-7 year goals |
| Balanced portfolio | 6-7% | 7-15 year goals |
| Aggressive portfolio | 7-10% | 15+ year goals |
Rule of thumb: Use lower rates for short-term goals (capital preservation) and higher rates for long-term goals (growth potential).
Set up automatic transfers on payday. What you don't see, you don't spend.
Even small amounts matter:
Commit to saving 50% of every raise. You're already living without it.
Apply bonuses, tax refunds, and gifts toward your goal:
Redirect a single monthly expense:
If the required monthly amount is too high:
More time = smaller monthly contributions (if your goal allows)
A smaller target is more achievable than none
Consider slightly more aggressive investments (with appropriate risk tolerance)
Side hustles, overtime, or selling unused items
Find areas to cut and redirect to savings
For certain goals, special accounts offer tax benefits:
Review your savings plan:
Celebrate milestones (25%, 50%, 75%) to stay motivated.