"Save more" is not a plan; "$420 a month for 18 months" is. Whether the goal is an emergency fund, a house down payment, a wedding or a sabbatical, the math is the same: a target amount, a deadline, a starting balance and an interest rate determine the exact monthly deposit required. This savings goal calculator runs that math backwards from your goal, so instead of guessing you get a concrete number to automate. It accounts for interest earned along the way — which means starting earlier or earning a slightly better rate visibly shrinks the monthly burden — and shows the total you will deposit versus the interest that does the rest.
How it works
Example
$20,000 goal in 3 years, starting from $2,000, at 4% annual interest. You need to save about $468 a month. Total deposits: ~$16,850. Interest covers the remaining ~$1,150.
Hitting the number
Automate the transfer for the day after payday so willpower is never involved. If the monthly figure is too high, you have exactly three levers: extend the deadline, raise the starting amount (sell something, redirect a windfall), or earn a better rate. Cutting the goal is the fourth, unpopular lever.
Frequently asked questions
How much should I save each month?
The popular 50/30/20 rule suggests 20% of income to savings. For a specific goal, enter the target and date above — the calculator gives the exact monthly figure.
How big should my emergency fund be?
3–6 months of essential expenses is the standard advice. Start with a $1,000 starter fund, then build to one month, then three.
Where should I keep savings for a short-term goal?
A high-yield savings account or money market account: safe, liquid and earning 4–5% in typical markets. Don't invest money you need within 2–3 years in stocks.