Find out how much you need to save each month to reach your financial goal.
A savings goal calculator determines how much you need to save each month to reach a financial target, accounting for compound interest on your savings.
Example: To reach $50,000 in 5 years at 4% APY starting from $5,000, you need to save approximately $688 per month.
The 50/30/20 rule suggests saving 20% of your after-tax income. Financial advisors recommend an emergency fund of 3-6 months expenses first, then saving for specific goals like retirement, a home, or education.
Use the future value formula to find required monthly savings: PMT = FV x r / [(1+r)^n - 1], where FV is your target, r is monthly interest rate, and n is the number of months.
High-yield savings accounts (4-5% APY in 2026) are ideal for short-term goals and emergency funds. For goals 5+ years away, consider investing in index funds for higher potential returns. CDs offer guaranteed rates for fixed terms.