Savings Goal Calculator
Calculate how much you need to save to reach your financial goals
Additional Information and Definitions
Savings Goal Amount
The total amount you want to save to reach your financial goal.
Current Savings
The amount you have already saved towards your financial goal.
Monthly Contribution
How much you plan to save each month towards your goal.
Expected Annual Interest Rate
The annual interest rate you expect to earn on your savings.
Plan Your Savings
Estimate the amount and time needed to achieve your savings goals
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Understanding Savings Terms
Key terms to help you understand savings strategies and goals
Savings Goal:
The total amount of money you aim to save.
Current Savings:
The amount of money you have already saved towards your goal.
Monthly Contribution:
The amount of money you plan to save each month.
Annual Interest Rate:
The percentage of interest you expect to earn on your savings annually.
Total Savings:
The total amount of money saved, including contributions and interest earned.
Time to Reach Goal:
The estimated number of months required to reach your savings goal.
5 Surprising Ways to Boost Your Savings
Boosting your savings doesn't have to be difficult. Here are five surprising ways to increase your savings effectively.
1.Automate Your Savings
Set up automatic transfers from your checking to your savings account to ensure you save regularly without thinking about it.
2.Take Advantage of Employer Matches
If your employer offers a 401(k) match, make sure to contribute enough to get the full match. It's essentially free money towards your savings.
3.Cut Unnecessary Subscriptions
Review your monthly subscriptions and cancel any that you don't use regularly. Redirect that money towards your savings.
4.Use Cashback and Rewards Programs
Take advantage of cashback and rewards programs on your credit cards or shopping apps, and move the earned rewards into your savings.
5.Sell Unused Items
Declutter your home and sell items you no longer need or use. Use the proceeds to boost your savings.