goals

Savings Goal Calculator: How Much to Save Each Month

Savings Goal Calculator: How Much to Save Each Month To reach any savings goal, divide your target amount by the number of months until your deadline. If you need $10,000 for a down payment in 2 years, you need to save $417 per month. Factor in interest from a high-yield savings account, and you might reach your goal faster. Last year I set a goal to save $18,000 for a home down payment in 18 months. By parking my money in a 4.5% APY high-yield savings account and automating $950 monthly transfers on payday, I actually hit my target two months early -- the $627 in interest earnings made the difference. Breaking a big number into a concrete monthly amount turned an intimidating goal into something I could track and control. Use our Savings Goal Calculator(/finance/savings-goal-calculator) to create a personalized savings plan with interest calculations included. !Savings growth timeline showing...