Work out how much to put aside each month, week or day to reach a savings target by a date, check how much you have left to save each month, and project retirement contributions.
Basic Savings Goal Planning
๐ฏ What are you saving for?
๐ฐ Goal Details
๐ Savings Strategy
Multiple Goals & Advanced Planning
๐ณ Current Financial Situation
๐ฏ Savings Goals
๐ฆ Savings Vehicles
โญ Goal Prioritization
Investment Strategy & Long-term Planning
๐ Investment Strategy
๐ฏ Advanced Savings Goals
๐ Portfolio Allocation Strategy
๐ฐ Tax-Advantaged Accounts
What this savings goal calculator does
- Basic: a target amount and date, your current savings and an interest rate (4.5% if left blank) to the amount to save per period (monthly, bi-weekly, weekly or daily).
- Intermediate: your income, expenses and debt payments to the amount available to save each month, how many months of expenses your savings cover, and progress towards savings goals.
- Advanced: projects retirement contributions (401(k), IRA, Roth IRA and HSA) at an assumed return for your risk tolerance, against a retirement goal.
How it is calculated
In the Basic tab the number of months is the days until your target date divided by 30, rounded up. The monthly amount is what, saved at the end of each month with interest, makes up the gap between the target and your current savings after growth. It is then split across the weeks or days if you choose a different frequency. At 0% interest the gap is simply divided by the number of months.
Worked example: to reach $10,000 in a year with $1,000 already saved at 4.5% (13 monthly periods on this calculator’s count), you would save about $673 a month, or $692 a month with no interest.
The Intermediate tab compares your savings with six months of expenses, which it uses as a recommended emergency fund. In the Advanced tab the assumed returns are 4%, 6%, 8% or 10% for conservative to very aggressive, the tax saving uses an assumed 22% rate on 401(k), IRA and HSA contributions, and the projection counts only the contributions you enter, not any existing balance.
Things to keep in mind
Interest rates are assumed to stay the same, and taxes on interest are not included. The Advanced tab’s return assumptions are examples, not forecasts. These results are estimates for general information only and are not financial, tax, investment or legal advice. Real products have fees, rules and rates that differ, so check the details with your lender, provider or a qualified adviser.
Frequently asked questions
Can I enter 0% interest?
Yes. A 0% rate gives a straight division of what is left to save.
How much should an emergency fund be?
A common rule of thumb is three to six months of expenses. This calculator uses six months as its guide.
Looking for more? See all our free financial calculators.
