🎯Savings Goal Calculator: How Much to Save Per Month

Two ways to plan a savings goal

Start from the deadline. You know you need $20,000 for a down payment in two years. The calculator works backward, accounts for the interest your balance will earn, and tells you the monthly deposit that lands exactly on target.

Start from your budget. You can put away $400 a month. The calculator runs forward and shows the month you'll cross the line. If the answer is longer than you'd like, nudge the deposit up and watch the date move.

Where to keep goal money

Money you need in under five years should not be in the stock market. A high-yield savings account (HYSA) is the standard choice: FDIC-insured, instantly accessible, and currently paying 3.5%–5% APY at online banks versus roughly 0.4% at the big national banks. Over two years on a $20,000 goal that difference is close to $1,000 of free money.

For goals with a fixed date more than a year out, a certificate of deposit (CD) can lock in a rate. For goals under a year, an HYSA or money-market fund is simpler.

Making the deposit automatic

The single most reliable savings tactic is removing the decision. Schedule a transfer for the day after payday so the money leaves before it feels available. If your employer supports split direct deposit, route the amount straight to savings and it never touches checking at all.

Round the monthly figure up to a clean number. If the calculator says $416.67, save $425. The extra builds a buffer for a month you have to skip.

Common savings goals and typical timelines

• Emergency fund: 3–6 months of expenses. Use the emergency fund calculator to size it.
• House down payment: 3%–20% of the purchase price plus 2%–5% for closing costs, often a 2–5 year goal.
• Car: a 20% down payment on a $35,000 car is $7,000; many people target 12–18 months.
• Wedding: the US average is around $30,000, typically saved over 12–24 months.
• Vacation: $2,000–$6,000 for a family trip, a 6–12 month sprint.