Calculate exactly how much you need to save monthly to reach your financial goals. Plan your timeline, automate your strategy, and track your progress.
Enter your details below to calculate your monthly savings target
Set up automatic transfers from checking to savings immediately after payday. Remove the decision-making and make saving effortless.
Allocate 50% for needs, 30% for wants, and 20% for savings. Adjust ratios based on your specific goals and timeline.
Round up every purchase to the nearest dollar and save the difference. It's painless and adds up faster than you think.
Set mini-goals within your larger goal and reward yourself for hitting milestones. Keep motivation high throughout the journey.
Save a percentage of every raise, bonus, or windfall before lifestyle inflation kicks in. Allocate 50% to goals, 50% to lifestyle.
Use charts, apps, or physical trackers to visualize your progress. Seeing growth builds momentum and motivation.
Enter your target goal amount, timeline, and expected interest rate. The calculator uses compound interest formulas to determine the exact monthly savings needed. For example, to save $25,000 in 2 years with 4% annual return, you'd need to save about $1,000 per month.
Timeline depends on your goal and income. Emergency funds: 6-12 months. Job transition funds: 12-18 months. Major purchases: 2-5 years. Retirement goals: 10+ years for compound growth benefits. Start with achievable timelines and adjust as you build momentum.
Absolutely! Automated savings remove decision fatigue and ensure consistency. Set up automatic transfers immediately after payday for best results. Studies show people who automate savings are 73% more likely to reach their goals.
Adjust your timeline or target amount. Even saving less than the target builds momentum and financial habits. Consider increasing income through side hustles or reducing expenses. The key is starting, even with small amounts.
Depends on your timeline and risk tolerance. Short-term goals (under 2 years): high-yield savings accounts or money market accounts. Medium-term (2-5 years): CDs or conservative investments. Long-term (5+ years): diversified investment accounts for higher growth potential.
Review monthly for short-term goals, quarterly for long-term goals. Set calendar reminders to check progress, adjust contributions if needed, and celebrate milestones. Regular reviews help you stay on track and make necessary adjustments.
Generally, pay off high-interest debt (over 6%) first. For emergency funds, save $1,000 first, then tackle debt, then build full emergency fund. For other goals, balance debt payoff with savings based on interest rates and timeline urgency.
Start by tracking expenses for one month to identify areas to cut. Increase income through side hustles, negotiate raises, or sell unused items. Save windfalls (bonuses, tax refunds) immediately. Gradually increase savings rate by 1% every few months.