High-yield savings accounts currently offer 4-5% APY
$10,000.00
$673.12
with 4.5% interest
$249.48
13 months
Jan 2027
Still needed
$9,000.00
Without interest
$692.31/mo
By earning 4.5% interest, you'll earn $249.48 and only need to save $673.12/month instead of $692.31/month
See how saving more or less per month affects when you'll reach your goal:
| Monthly Savings | Months to Goal | Goal Date | Interest Earned |
|---|---|---|---|
| $100.00/mo | 76 months | May 2032 | $1,400.00 |
| $250.00/mo | 34 months | Nov 2028 | $500.00 |
| $500.00/mo | 18 months | Jul 2027 | - |
| $750.00/mo | 12 months | Jan 2027 | - |
| $1,000.00/mo | 9 months | Oct 2026 | - |
| $1,500.00/mo | 6 months | Jul 2026 | - |
Popular Savings Goals
Dream Vacation
Plan that trip you've always wanted. Average vacation: $2,000-$10,000 depending on destination.
Home Down Payment
Save for your future home. Aim for 10-20% of home price to avoid PMI and get better rates.
Education Fund
Invest in your future or your children's. Consider 529 plans for tax advantages.
Frequently Asked Questions
How do I calculate how much to save for a goal?
The basic formula is: (Goal Amount - Current Savings) ÷ Months Until Goal = Monthly Savings Needed. Our calculator also factors in interest earnings from a high-yield savings account to show how your money can grow while you save.
Where should I keep my savings?
For goals less than 5 years away, use a high-yield savings account (currently 4-5% APY). For longer-term goals, consider a mix of savings and low-risk investments. Keep money easily accessible if you'll need it soon.
How do I stay motivated to save?
Automate your savings, track your progress visually, celebrate milestones, keep your goal visible (photos of your dream vacation!), and consider saving with a partner or friend for accountability.
What if something comes up and I can't save one month?
Life happens! If you miss a month, don't give up. Adjust your plan - either extend your timeline slightly or save a little extra in future months. Consistency over time matters more than perfection.
Track all your savings goals in one place
Sign up for iBudget to create multiple savings goals, track progress, and automate your path to financial success.