Enter your goal and deadline to see how much to save each month or paycheck. Or enter what you can save each month to see how long it will take, including the interest your savings earn.
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Know More: How the Savings Goal Calculator Works
Updated November 2026. Many high-yield savings accounts paid about 4% APY in October 2026, compared with a national average savings rate of about 0.38%. On a $20,000 goal over 3 years, that difference is worth over $1,000 of interest (The Motley Fool, October 2026).
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Setting a savings goal
A good savings goal has three parts: an amount, a date and a reason. "Save $20,000 for a home down payment by October 2029" is easier to stick to than "save more." Then the math is simple:
- Subtract what you've already saved (and the interest it will earn) from the goal.
- Divide what's left over the months until your date, allowing for interest on each deposit.
Example: to turn $2,000 into $20,000 in 36 months at 4% APY, save $465.38 a month. You deposit $16,754 and earn $1,246 of interest. Without interest, you'd need $500 a month.
Several goals at once? Fund your emergency fund first, then split the rest by deadline: near-term goals (a car, a vacation) before long-term ones. Retirement is usually better in a 401(k) or IRA than in savings.
Saving per paycheck
Saving per paycheck makes a goal feel smaller and lets you automate it. Convert the monthly amount with: Per paycheck = monthly amount × 12 ÷ paychecks a year. For the $465.38 a month in the example:
| Paid | Per year | Per check |
|---|---|---|
| Weekly | 52 | $107.40 |
| Biweekly | 26 | $214.79 |
| Semimonthly | 24 | $232.69 |
| Monthly | 12 | $465.38 |
If you're paid every 2 weeks, two months a year have three paychecks; saving the same amount from each one gets you there a bit faster than saving a fixed amount each month. Set up a direct deposit split or an automatic transfer on payday.
Where to keep savings
- High-yield savings account: FDIC-insured up to $250,000, easy to withdraw, and paying far more than a standard savings account. Best for goals under 2 to 3 years and emergency funds.
- Money market account or fund: similar rates; money market funds are not FDIC-insured but hold very safe short-term investments.
- CDs and Treasury bills: lock in a rate for a fixed term; good when you know the date you'll need the money.
- Investments (stocks and bonds): for goals 5 or more years away; higher expected returns, but the value can drop just before you need it.
Savings account rates are variable, and interest is taxable income each year.
Examples
Monthly saving needed from zero at 4% APY:
| Goal | 3 years | 5 years |
|---|---|---|
| $5,000 | $131 | $76 |
| $10,000 | $262 | $151 |
| $20,000 | $524 | $302 |
| $50,000 | $1,311 | $756 |
In 1 year, the same goals take $409, $818, $1,637 and $4,092 a month. Time to save $20,000 at 4%: 6 years at $250 a month, 3 years 2 months at $500 a month, and 1 year 8 months at $1,000 a month. Results are estimates, not financial advice. Last reviewed: November 1, 2026.
Savings Goal Calculator FAQs
How much should I save each month?
A common guideline is 20% of your take-home pay, as in the 50/30/20 budget, split between an emergency fund, retirement and other goals. For a specific goal, divide what you still need by the months until your deadline: $20,000 in 3 years takes about $524 a month at 4% interest.
How long does it take to save $20,000?
Saving $500 a month in an account paying 4%, it takes about 3 years and 2 months. At $1,000 a month it takes 1 year and 8 months, and at $250 a month about 6 years.
How long does it take to save $10,000?
About 20 months at $500 a month, or 2 years 8 months at $300 a month, in an account paying 4% interest.
Should I save per paycheck or per month?
Either works; what matters is automating it. Saving per paycheck matches when you're paid and makes the amount feel smaller. If you're paid every 2 weeks, $465 a month is about $215 a paycheck.
More savings and budget calculators
- Emergency Fund Calculator: how much to keep for emergencies
- Compound Interest Calculator: how savings grow over time
- 50/30/20 Budget Calculator: how much of your pay to save
- Salary & Paycheck Calculator: your take-home pay per paycheck
- CD Calculator: lock in a rate for a dated goal