How to Use This Calculator
This calculator helps you plan for any savings goal - whether it's a vacation, down payment, new car, or home renovation. You can calculate in two ways:
- How long will it take? Enter your goal amount and monthly savings to see when you'll reach it.
- How much should I save? Enter your goal amount and target date to see the required monthly savings.
Common Savings Goals
Short-term Goals (1-2 years)
- Vacation: $2,000 - $5,000
- Electronics or appliances: $500 - $2,000
- Holiday shopping: $500 - $1,500
- Minor home improvements: $1,000 - $5,000
Medium-term Goals (2-5 years)
- Car down payment: $3,000 - $8,000
- Wedding: $5,000 - $30,000+
- Major home renovation: $10,000 - $50,000
- Career change/education: $5,000 - $20,000
Long-term Goals (5+ years)
- Home down payment: $20,000 - $100,000+
- Starting a business: $10,000 - $50,000+
- Child's education: $20,000 - $100,000+
Example: Saving for a Vacation
Goal: $3,000 vacation in 12 months
Current savings: $500
Amount needed: $2,500
Monthly savings required: $2,500 ÷ 12 = $208.33/month
If you can only save $150/month, it will take about 17 months to reach your goal instead.
Tips for Reaching Your Savings Goals
- Automate it: Set up automatic transfers to a separate savings account on payday
- Name your account: Many banks let you nickname accounts - "Hawaii Vacation Fund" is more motivating than "Savings 2"
- Track progress: Check your balance monthly and celebrate milestones
- Adjust as needed: If you get a bonus or tax refund, add it to accelerate your goal
- Separate accounts: Keep goal savings separate from emergency fund and daily spending
Pro Tip: Start small. Even if you can only save $25/month toward a goal, that's $300 after a year. Small consistent contributions add up faster than you think!
