How it works
Your goal is reached by three things: what you've already saved, what you add each month, and the interest both earn along the way. The calculator solves for the monthly amount, or for the time, that makes them add up to your goal.
Monthly saving = (goal − saved × (1 + r)^n) × r ÷ ((1 + r)^n − 1)
Here r is the monthly interest rate worked out from the APY, and n the number of months. With no interest, it's simply what's left to save divided by the months.
Worked example
You want $20,000 in two years and have $2,000 saved. In a savings account paying 4% APY you need to put away $715.60 a month. Interest covers $826 of the goal, so each month is $34.40 lighter than saving in a 0% account.
Save $500 a month instead and you'd get there in 2 years and 10 months.
Tips that make it stick
- Automate it. Schedule the transfer for payday, so the money moves before you can spend it.
- Give each goal its own account or bucket. Separate pots, or sinking funds, keep a vacation fund from quietly paying for groceries.
- Earn interest on it. A high-yield savings account at an FDIC-insured bank keeps short-term money safe and growing.
- Build your emergency fund first so a surprise bill doesn't raid your goal. The emergency fund calculator sizes it.
Questions people ask
Where should I keep money for a savings goal?
For goals a few years away, a high-yield savings account or CDs. Investing in stocks suits goals more than about five years out, because prices can fall just when you need the money.
How do I save for several goals at once?
Work out each goal's monthly amount here and add them up. The free sinking funds template tracks them side by side.
Sources
- CFPB, Regulation DD (Truth in Savings), Appendix A: annual percentage yield calculation
- FDIC: deposit insurance
- Consumer Financial Protection Bureau: an essential guide to building an emergency fund
Reviewed September 26, 2026 by The Dollars World team. How we build and check our calculators · Our data and formulas. This is general information, not financial advice.