Savings Goal Calculator
Name your goal and your deadline, and find the exact amount to save each month to get there — with compound interest doing part of the work for you.
That's $651 the bank pays you, just for keeping your savings in a high-yield account instead of checking.
Track every savings goal in one place
The MoneyMapped Toolkit runs multiple sinking funds side by side — emergency fund, car, holidays — and shows your progress bars filling up. Google Sheets + Excel.
The trick most savings math misses
Dividing your goal by the number of months overstates what you need to save, because it ignores the interest your money earns while it sits there. A high-yield account quietly does some of the saving for you. The calculator above accounts for that, so your monthly number is honest and often lower than you'd expect.
Frequently asked questions
How much should I save each month to reach my goal?
It depends on your goal amount, how much you have already saved, your timeline, and your interest rate. Enter those four numbers above and the calculator solves for the exact monthly deposit, including the interest your balance earns along the way.
Does this include compound interest?
Yes. The calculator compounds your balance monthly at the APY you set, so the required monthly deposit is lower than simply dividing the goal by the number of months.
What interest rate should I use?
For a high-yield savings account, around 4% APY is realistic today. For a regular checking or savings account, use close to 0%. For longer-term investing goals, people often model 5–7%, but returns are not guaranteed.
What is a sinking fund?
A sinking fund is money you set aside a little at a time for a known future expense — a car, a wedding, holidays, or an emergency fund. This calculator tells you the monthly contribution that gets you there on schedule.
MoneyMapped provides educational tools, not financial advice. Interest rates and investment returns are not guaranteed.