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Savings Goal Calculator

Calculate how much you need to save monthly to reach any financial goal by your target date.

Savings goal

Your target amount

Current savings

What you've already saved

Time to reach goal

months

Expected annual return

High-yield savings: ~4-5%

Goal-Based Saving

Goal-based saving involves setting a specific financial target and working backward to determine how much you need to save regularly. This approach makes abstract savings goals concrete and achievable by breaking them into manageable monthly amounts.

How to Use

1. Enter your savings goal amount
2. Add any money you've already saved
3. Set your target timeline in months
4. Enter your savings account interest rate
5. Click Calculate to see your savings plan

Common Goals

Emergency fund $10,000 - $25,000

Vacation $2,000 - $10,000

Car down payment $3,000 - $8,000

Home down payment $20,000 - $100,000

Wedding $10,000 - $35,000

FAQ

What interest rate should I use?

High-yield savings accounts currently offer 4-5% APY. Traditional savings accounts typically offer 0.01-0.5%. Check your bank's current rates.

Should I pay off debt or save first?

Generally, save a small emergency fund ($1,000) first, then pay off high-interest debt. After that, build full savings goals while making minimum debt payments.

How do I stay motivated?

Break big goals into milestones, automate your savings, track progress visually, and celebrate hitting 25%, 50%, and 75% of your goal.

Calculator Limitations

• Assumes consistent monthly contributions
• Assumes constant interest rate
• Does not account for inflation
• Excludes taxes on interest earned
• For educational purposes only

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