How to reach a savings goal
Break a big number into a monthly habit. Subtract what you've already saved from the goal, then divide by the number of months you have. If your savings earn interest, you need a little less each month — this calculator accounts for that.
Tips that make it stick
- Automate it. Set up a transfer for the day after payday so the money moves before you can spend it.
- Use separate pots. Keeping each goal in its own account or "pot" (often called sinking funds) makes progress visible.
- Track progress. Seeing a goal fill up is the best motivation to keep going.
Frequently asked questions
Should I build an emergency fund first?
Many people aim for three to six months of essential expenses before saving for other goals, so a surprise bill doesn't end up on a credit card.
How is the interest calculated?
Interest is assumed to be paid monthly at the annual rate ÷ 12, with your deposit added at the end of each month.