Savings Calculator
Free online savings calculator — project your savings growth with regular monthly contributions and compound interest, year by year.
Everyday Uses
Vacation funds
Set a trip budget and a date, then find the exact monthly amount to put aside so the holiday is paid for before you leave.
Emergency funds
Plan how long it will take to build 3–6 months of expenses at your current savings rate.
Life events
Weddings, moves, a new baby — put a number and a timeline on big life moments instead of guessing.
Rate shopping
See how much difference a high-yield account actually makes on your balance over a few years.
Frequently Asked Questions
How much should I save each month?
The 50/30/20 rule recommends saving at least 20% of take-home pay. If you earn $3,500/month net, aim for $700/month in savings. If 20% feels impossible, start with 5–10% and increase by 1% each year. Automating transfers on payday makes it far easier to stay consistent.
How much interest will I earn on my savings?
With a high-yield savings account (HYSA) at 4.5% APY, $10,000 earns about $450 in year one. With regular monthly deposits of $500, after 5 years at 4.5% you would accumulate roughly $33,600 — including about $3,600 in interest earned. Use this calculator to model your exact scenario.
How long will it take to save $10,000?
Saving $500/month at 4% APY takes about 19 months to reach $10,000. Saving $200/month takes about 47 months. The interest contribution is small in the short term, so the monthly deposit amount is the biggest lever for near-term savings goals.
Should I save money or pay off debt first?
Prioritise by interest rate: if your debt rate is higher than your savings rate (almost always true for credit cards at 20%+ vs. savings at 4–5%), pay off debt first. Exceptions: always contribute enough to a 401(k) to capture any employer match — that is an instant 50–100% return.
What is a high-yield savings account (HYSA)?
A HYSA is an FDIC-insured savings account (usually at online banks) paying significantly more than the average bank savings rate of 0.46%. As of 2024, the best HYSAs offer 4–5% APY. Moving $20,000 from a 0.5% traditional account to a 4.5% HYSA earns an extra $800 per year.
What is an emergency fund and how much should I have?
An emergency fund is 3–6 months of essential living expenses kept in liquid savings. If your monthly expenses are $2,500, you need $7,500–$15,000. Keep it in a HYSA — accessible but earning interest. Do not invest it in stocks, as markets can fall right when you need the money.