How much do you need to save each month to reach your goal?
This calculator determines the monthly savings needed to reach your goal, accounting for your current savings and expected interest. Even a modest savings account APY (4-5% in 2025-2026) makes a meaningful difference over several years.
The calculator first grows your current savings at the expected rate, then determines what monthly contribution fills the remaining gap. If you have $2,000 saved and want $20,000 in 3 years at 4.5% APY, your $2,000 grows to about $2,285. You need roughly $17,715 more, which works out to about $470/month with interest on contributions.
Automate your savings by setting up automatic transfers on payday. Pay yourself first, before discretionary spending. Even small daily amounts add up: saving $5/day is $150/month, which becomes $19,000+ in 10 years at 5% APY. The hardest part is starting.