How this calculator works
What you've saved grows at your APY until the deadline. The calculator solves for the equal monthly deposit that, with interest, covers the rest of the goal.
Worked example
With the example values below: Save each month, $715.60 (to reach $20,000 in 2 yrs). Change any number above to run your own.
What you enter
| Input | Example |
|---|---|
| Savings goal | $20,000 |
| Saved so far | $2,000 |
| Months to reach it | 24 mos |
| APY | 4% |
Setting a savings goal
Good goals are specific: an amount, a date and a reason. Common examples are a down payment, a car, a wedding, travel, a home project or a sabbatical. Writing them down and tracking them separately makes it easier to stay on course.
Saving $15,000 in three years at a 4% APY takes about $393 a month, and interest contributes about $850 of the total.
Where to keep goal savings
Many online banks let you open separate buckets for each goal at no cost.
- Under a year away: high-yield savings or a money market account.
- One to three years: CDs or Treasury bills matched to the date.
- Five years or more: a conservative investment mix may be appropriate, accepting some risk.
Staying on track
Automate the monthly amount on payday and raise it when your income rises. If the required amount is too high, extend the deadline, lower the target or find a one-time boost such as a tax refund. Use the 50/30/20 budget calculator to see how goals fit into your overall budget.
Frequently asked questions
How much do I need to save each month to reach my goal?
Subtract what you've saved from the goal, then divide by the months left, adjusting for interest. $15,000 in 36 months at 4% APY takes about $393 a month.
How can I save money faster?
Automate transfers, cut a few recurring costs, direct windfalls to the goal, and keep savings in a high-yield account so interest helps.
Should I save or pay off debt first?
Build a small emergency fund, then pay off high-interest debt such as credit cards before saving for other goals. Low-rate debt can be paid on schedule while you save.
Where should I keep money for a short-term goal?
In an FDIC-insured high-yield savings account or a CD that matures before you need it. Avoid stocks for money needed within a few years.
How do I save for multiple goals at once?
Rank goals by deadline and importance, split your monthly savings among them, and keep each in its own account so progress is clear.
Grow what this calculator projects.
TruthSayer AI sends quantitative stock signals across valuations, earnings and dark-pool activity, each one traded in its own funded account first.
Estimates for planning only, not financial, tax or legal advice. Tax tools use 2026 federal figures (brackets, $16,100 / $32,200 standard deduction, $19,000 gift exclusion, $15M lifetime exemption). Rates shown as defaults are examples; replace them with quotes you actually receive.