Savings Goal Calculator
Plan your monthly savings to reach a target amount.
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Frequently Asked Questions
How does interest affect how much I need to save monthly? +
Interest reduces your required monthly savings because your money grows over time. At 5% annual interest, you'd need to save roughly 10-15% less per month than with no interest, depending on your timeline. Longer timelines amplify this effect.
Should I include my current savings in the calculation? +
Yes. Enter your current savings as the initial amount. The calculator subtracts it (plus its projected growth) from your goal, then calculates the monthly contribution needed for the remaining amount.
What interest rate should I use for a savings account? +
High-yield savings accounts currently offer around 4-5% APY. Standard savings accounts are typically under 0.5%. For conservative planning, use a rate slightly below what your account currently offers.
How do I adjust if I miss a month of saving? +
Recalculate with your current balance and remaining months. The new monthly amount will be slightly higher. Alternatively, you can spread the missed amount across the next 2-3 months to catch up gradually.
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