Input your goal amount and see how long it takes to save for the things you want in life.
You need a plan to be able to save enough for the things you want in life. No matter what you want, whether its a house, car, vacation, or emergency fund, adding to your savings a little every month can help you achieve your goal.
Use our savings goal calculator or one of our money-saving challenges to start moving toward your savings goal. Let us know how much you want to save, and when you would like to achieve your goal. We’ll show you how much you need to save every month.
How Long Will It Take To Meet Your Savings Goal?
It can be difficult to wait to save up enough money to buy a new car, a house, a vacation, or pay for a wedding, especially when we're used to getting things instantly.
Trying to work out the details about how long it will take to save can be tricky. But using the savings goal calculator and the budgeting methods above to help, you should be able to determine the amount of time it will take in order to reach your target figure.
Spend some time playing around with increasing your deposit amount and see how much faster you can hit your goal.
Are You Ready To Start A Budget That's Easy To Use?
We'll break it down into 5 easy steps to create a budget that you'll actually use. You can even download our free budget sheets to get started right away.
Learn More About Saving Money For Your Future
Use This FREE Printable Chart To Save $10,000 In 12 Months
Click on the free chart below and print it out to start saving $10,000 in one year. Not ready to save that much money yet?
Try some of our other free printable resources to help you meet your savings goals.
Use this chart to save $10,000 in one year!
How Much Do I Need To Save Each Month To Reach My Goal?
Saving 20 percent of your monthly income every month seems to be the most popular answer among financial experts.
The 50/20/30 budget rule, popularized by Senator Elizabeth Warren, separates your take-home pay into three categories of spending and it works like this:
- 50 percent of your income for mandatory expenses like mortgage, food, utilities, and healthcare.
- 20 percent of your take-home pay for saving and paying off debt.
- 30 percent for things you want but don't need.
We agree that saving 20 percent of your income is ideal but that doesn't work for everyone. You have to find the amount that's right for you and the stage of life that you're in.
For example, a young person graduating from college will probably have different financial needs than someone who is nearing retirement.
For help finding a plan that suits your needs, read our article on budget percentages and learn some money saving strategies to help you reach your goal.