How the monthly amount is worked out
Your current savings grow with interest, and each monthly deposit earns interest for the time it has left. The calculator solves for the deposit that makes the two add up to your goal.
Example: to reach $20,000 in 3 years with $2,500 already saved at 4%, save about $450 a month.
How much to save each month
Starting from zero, with 4% interest compounded monthly:
| Goal | 1 yr | 2 yr | 3 yr | 5 yr | 10 yr |
|---|---|---|---|---|---|
| $5,000 | $409 | $200 | $131 | $75 | $34 |
| $10,000 | $818 | $401 | $262 | $151 | $68 |
| $25,000 | $2,045 | $1,002 | $655 | $377 | $170 |
| $50,000 | $4,091 | $2,005 | $1,310 | $754 | $340 |
| $100,000 | $8,182 | $4,009 | $2,619 | $1,508 | $679 |
Interest does more of the work the longer you give it. Over 10 years, $340 a month adds up to $40,747 of your own money, and interest covers the rest of the $50,000.
Next steps
To see what your savings could grow to with no fixed goal, use the compound interest calculator.
Frequently asked questions
How big should an emergency fund be?
A common target is three to six months of essential expenses, kept somewhere easy to reach such as a high-yield savings account.
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