How much should you save each month?
This calculator works backwards from your goal. It takes your target amount, subtracts what you've already saved (grown with interest), and spreads the rest across your timeframe — accounting for the interest your monthly deposits will earn along the way.
How much to save each month, by goal and timeframe
The monthly amount needed to reach common goals, before any interest — so these are the most you'd need to put aside. For goals more than a year or two away, interest lowers the figure: set your rate in the calculator above to see by how much. Read $ as your own currency.
| Goal | 3 months | 6 months | 12 months | 18 months | 24 months | 36 months |
|---|---|---|---|---|---|---|
| $500 | $167 | $83 | $42 | $28 | $21 | $14 |
| $1,000 | $333 | $167 | $83 | $56 | $42 | $28 |
| $2,000 | $667 | $333 | $167 | $111 | $83 | $56 |
| $3,000 | $1,000 | $500 | $250 | $167 | $125 | $83 |
| $5,000 | $1,667 | $833 | $417 | $278 | $208 | $139 |
| $10,000 | $3,333 | $1,667 | $833 | $556 | $417 | $278 |
| $15,000 | $5,000 | $2,500 | $1,250 | $833 | $625 | $417 |
| $20,000 | $6,667 | $3,333 | $1,667 | $1,111 | $833 | $556 |
| $50,000 | $16,667 | $8,333 | $4,167 | $2,778 | $2,083 | $1,389 |
Tips to reach your goal faster
- Automate the monthly transfer so you never skip it
- Keep the money in a high-interest savings account so it grows
- Increase the amount whenever your income rises
How do I save $2,000 in 6 months?
Put aside $333.33 a month — about $77 a week (2,000 ÷ 26 weeks). Setting up an automatic transfer on payday is the single most reliable way to make it happen.
How much do I need to save each month to reach my goal?
Divide the goal by the number of months: goal ÷ months. $10,000 in 2 years is $10,000 ÷ 24 = $417 a month. If the money earns interest the amount is lower — the calculator above works that out for you.
How can I save $5,000 in a year?
Save $417 a month, or about $96 a week. If that's too much, stretching to 18 months brings it down to $278 a month.
What if the monthly amount is too high?
Extend your timeframe or raise your starting amount — both reduce the monthly saving needed. Drag the sliders to find a comfortable plan.
Is my goal already covered?
If your current savings plus interest already exceed the goal, the calculator will show that you need to save $0 more.