Savings Goal Calculator

Q: How much should I save each month?

It depends on your goal, timeline, and starting balance. Use the formula PMT = (Goal - Current Savings x (1+r)^n) / (((1+r)^n - 1) / r), where r is your monthly interest rate and n is the number of months. A HYSA at 4.2% APY reduces the required amount by 2-5% depending on the timeline.

Q: Should I adjust for inflation?

For goals under 2 years, inflation has a small impact. For longer goals (3-5+ years), inflation adjustment matters more. Current U.S. inflation is approximately 3%. Enable inflation adjustment in More options on the Reach My Goal tab.

How much do you need to save each month to reach your goal? Plan for one goal or multiple, compare simultaneous vs sequential strategies, and run what-if scenarios to speed things up.

How much do you need to save each month to reach your goal?

Goal amount

Wedding $33K, vacation $2K-$5K, car down payment $5K-$10K

Months until goal

How many months from now?

Current savings

Interest rate (APY)

HYSA avg March 2026: 4.0-4.5%

Contribution frequency

Include inflation adjustment

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Try another scenario

How to Use This Calculator

Reach My Goal tab

The default tab. Enter your goal amount, months until goal, current savings, and interest rate (4.2% HYSA average for March 2026). The calculator tells you exactly how much to save each month using the future value annuity formula. Expand "More options" to switch to biweekly contributions or include inflation adjustment.

Multiple Goals tab

Plan for up to 4 savings goals simultaneously. Enter each goal's name, target amount, and timeline. Choose between simultaneous (save for all at once) or sequential (finish one, then start the next). Your current savings are allocated proportionally across all goals.

Speed It Up tab

Already saving? Enter your current monthly savings and see whether you'll hit your goal on time. The calculator runs what-if scenarios: what happens if you save $200 more per month, start with $2,000 extra, or earn a higher interest rate. Get a clear gap analysis and actionable recommendations.

Share your result

Every input is encoded in the URL. Click Share to send your exact scenario to a partner, financial advisor, or yourself for later reference.

The Formula

The calculator uses the future value of an annuity formula, solved for the periodic payment (PMT):

PMT = (FV - PV × (1 + r)ⁿ) / (((1 + r)ⁿ - 1) / r)

Where:
FV = Future Value (your goal amount)
PV = Present Value (your current savings)
r = Monthly interest rate (APY ÷ 12)
n = Number of months

Without interest: PMT = (Goal - Current Savings) ÷ Months

The difference between the with-interest and without-interest PMT is what your HYSA earns for you. At 4.2% APY on a $25,000 goal over 18 months, the interest saves you roughly $47/month compared to saving in cash.

Example

Alex — saving $25,000 for a wedding in 18 months

Alex has $3,000 saved in a HYSA earning 4.2% APY. He wants to reach $25,000 in 18 months for his wedding.

Reach My Goal tab

Goal amount$25,000

Timeline18 months

Current savings$3,000

Interest rate4.2% APY

Result

Required monthly savings$1,175/mo

Without interest (cash only)$1,222/mo

HYSA saves him$47/mo

Total interest earned~$850

After 18 months: $3,000 initial + $21,150 contributions + $850 interest = $25,000. The HYSA earns Alex about $850 in interest, reducing his monthly burden by $47 compared to saving in cash.

Average Savings Goals (2025–2026)

Goal	Average Amount	Typical Timeline	Monthly at 4.2% APY
Wedding	$33,000	18–24 months	$1,320–$1,755
Emergency fund (6 months)	$10,000–$25,000	12–24 months	$400–$2,000
Car down payment	$5,000–$10,000	6–18 months	$275–$1,625
Vacation	$2,000–$5,000	3–12 months	$165–$1,650
Home down payment	$30,000–$80,000	24–60 months	$475–$3,200

Sources: The Knot 2025 (wedding), Bankrate 2025 (emergency fund), Edmunds 2025 (car), BLS Consumer Expenditure Survey.

FAQ

How much should I save each month? ▼

It depends on your goal, timeline, and starting balance. The general formula is: PMT = (Goal - Current Savings × (1+r)^n) / (((1+r)^n - 1) / r), where r is your monthly interest rate and n is the number of months. For a quick estimate, divide your remaining amount by the number of months. A HYSA at 4.2% APY reduces the required amount by 2-5% depending on the timeline.

What interest rate should I use? ▼

As of March 2026, high-yield savings accounts (HYSAs) offer 4.0-4.5% APY. The calculator defaults to 4.2%, which is the current average. If you're saving in a regular checking or savings account, use 0.01-0.5%. For CDs, check current rates (typically 4.0-4.8% for 12-month terms). Do not use stock market return rates for short-term goals under 3 years.

Should I adjust for inflation? ▼

For goals under 2 years, inflation has a small impact (3% inflation adds about 5% to a 2-year goal). For longer goals (3-5+ years), inflation adjustment matters more. Enable it in "More options" on the Reach My Goal tab. The calculator adjusts both the effective interest rate and the target amount. Current U.S. inflation is approximately 3% (CPI, 2025-2026).

Is it better to save simultaneously or sequentially for multiple goals? ▼

Simultaneous saving works best when all goals have similar timelines and you can afford the combined monthly amount. Sequential saving (finishing one goal before starting the next) works better when you have one urgent goal (like an emergency fund) and others that can wait. The calculator's Multiple Goals tab lets you compare both approaches. Mathematically, the total cost is similar; the difference is cash flow timing.

Where should I keep my savings? ▼

For goals under 3 years, a high-yield savings account (HYSA) is the best option: FDIC-insured, liquid, and earning 4.0-4.5% APY as of March 2026. For goals 1-5 years out, consider a CD ladder for slightly higher rates with less flexibility. Avoid investing short-term savings in the stock market — a 20% market drop could delay your goal by years. For goals 5+ years away, a mix of bonds and index funds may be appropriate.

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