Savings Calculator
Calculate savings growth, set financial goals, and plan your path to financial security. See how regular contributions and compound interest help you reach your savings targets.
Savings Details
How to Use the Savings Calculator
- Set Your Goal: Enter your target savings amount or let the calculator show growth over time
- Enter Starting Amount: Input any money you already have saved
- Monthly Contribution: Add how much you plan to save each month
- Interest Rate: Enter the annual interest rate for your savings account or investment
- Time Frame: Specify your savings timeline or let the calculator determine when you'll reach your goal
- Review Results: See your savings growth, total contributions, and interest earned
Calculation Examples
Emergency Fund Goal
Vacation Savings
Common Savings Goals:
- Emergency Fund: 3-6 months of expenses
- House Down Payment: 10-20% of home value
- Car Purchase: 20% down payment + costs
- Vacation: $2,000-$10,000+ depending on trip
- Wedding: $20,000-$35,000 average
- Education Fund: $10,000-$50,000+ per child
- Home Improvement: $5,000-$50,000+
- Business Startup: $10,000-$100,000+
Frequently Asked Questions
How much should I save each month?
A common rule is to save 20% of your income. Start with what you can afford and gradually increase. Even $25-50 per month makes a difference over time.
Where should I keep my emergency fund?
Keep emergency funds in a high-yield savings account that's easily accessible but separate from your checking account to avoid temptation to spend it.
Should I save or pay off debt first?
Build a small emergency fund ($1,000) first, then focus on high-interest debt. Once debt is paid off, build your full emergency fund before other savings goals.
How do I stay motivated to save?
Set specific, measurable goals with deadlines. Automate your savings so it happens without thinking. Track progress regularly and celebrate milestones.
What's a realistic interest rate for savings?
High-yield savings accounts currently offer 3-5% APY. Money market accounts and CDs may offer slightly higher rates. Avoid accounts with fees that eat into earnings.
How often should I review my savings goals?
Review goals quarterly and adjust for life changes, income increases, or changing priorities. Regular reviews help keep you on track and motivated.
Understanding Your Savings Strategy
Savings Principles
Pay Yourself First
Automatically save before spending on other things
Emergency Fund Priority
Build 3-6 months of expenses before other goals
High-Yield Accounts
Use high-yield savings accounts to maximize interest earnings
Account Types
High-Yield Savings (3-5%)
Best for emergency funds and short-term goals
Money Market (2-4%)
Higher rates but may require higher minimums
CDs (3-5%)
Fixed rates for specific time periods, penalties for early withdrawal
Related Calculators
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401k Calculator
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Interest Rate Calculator
Calculate simple and compound interest on savings and investments. See how different interest rates and compounding frequencies affect growth.