Savings goal calculator

Two questions, one calculator

Most savings goals come down to one of two questions:

1. "If I save this much each payday, when will I get there?" Enter an amount per paycheck and the calculator counts the paychecks until you reach the goal.
2. "I need this money by a certain date. How much do I save each payday?" Enter the number of months and it works out the amount per paycheck.

You can fill in both and compare. If the deadline amount is higher than what you can save, you'll know now instead of finding out the week before.

Why per paycheck instead of per month

Saving works best when it happens automatically on payday, before the money gets spent. Thinking in paychecks also matches how money actually arrives. If you're paid every two weeks, $100 per paycheck is about $217 a month on average, not $200, because of the two extra paychecks each year. The calculator accounts for your real pay schedule.

What about interest?

If your savings sit in a high-yield savings account, enter its APY (annual percentage yield). The calculator compounds it each pay period, so you need slightly less per paycheck. For short goals the effect is small. On a $2,000 goal over a year, a 4% APY saves you only a few dollars per paycheck, so don't let a rate decision hold you up. Rates change; check your bank's current APY.

Tips for hitting the goal

• Set up an automatic transfer for payday, or ask your employer to split your direct deposit.
• Keep goal money in a separate account so it doesn't blend with spending money.
• Running several goals at once (emergency fund, car, holidays)? Give each its own amount per paycheck and track them side by side. Our Savings Goals Tracker spreadsheet does exactly that with progress bars and months left.

This calculator is general educational information, not financial advice. See our disclaimer.