Asset Brief is an independent publisher focused on helping you improve your financial decisions. Some of the products featured may be from our partners. This does not influence our reviews, which are based on many hours of research.
Savings goal calculator
Our simple savings goal calculator helps you find out how much you need to put away each month to reach your financial goal.
Simply enter your financial goal, when you want to reach your goal, your current savings, and the interest rate you expect your savings to earn to see your what you need to save each month.
How this calculator works
This savings goal calculator takes the following inputs to calculate how much you need to put away each month to reach your goal.
- Savings goal: Enter how much money you believe you will need.
- Starting balance: Have you already started savings towards your goal? If so, you can enter the amount that you have currently saved.
- Time to grow: When do you want to reach your goal? Enter the number of years you plan to save for.
- Annual interest rate: As you are saving, your savings should be earning an interest rate. For example, you could stash your money in a high yield savings account or invest it in the stock market. Enter how much you expect your money to earn each year.
Understanding your calculate results
We calculate for you how much money you will need to contribute each month to meet your goal. We also show you how much this would be on a daily, weekly, and annual basis.
What may appear to be a daunting savings goal can seem more achievable when you consider how much you need to say each day.
Types of savings goals
There are many things people save for. To give you a sense for what to set as your savings goal, take a look at how much some common goals cost.
- Buying a house: The recommended guideline is to put down 20% of the home value. This can help you avoid paying private mortgage insurance. If your goal is to buy a $300,000 house, then 20% down would be $60,000.
- College fund: The average cost of a public four-year college is around $25,000, and $51,000 for a private four-year college.
- New car: The average private of a new car is around $36,000.
- Go on vacation: The average vacation costs around $1,100 per person, or $4,400 for a family of four.
- Cost of a baby: The average family will spend around $12,000 in child-related expenses in a baby’s first year of life.