Saving enough money for the future starts with a plan. Whether you’ve set your sights on a new car, wedding or emergency fund, chipping away at the cost little by little can help you get there. Use our tool to start working toward your savings goal.
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How to use a savings goal calculator
Here are brief definitions for terms used in the calculator.
Savings goal: The amount you want to save — whether it’s for an emergency fund, short-term goal or long-term goal.
Starting balance: The money you already have tucked away for your savings goal.
Time to grow: The deadline for your savings goal. For example, if you want to save for a deposit on a home you plan to buy in three years, you would input three years.
Annual interest rate: The interest you earn on your savings. Good high-yield savings accounts typically have a higher annual interest rate than average accounts.
If you have multiple financial goals in mind, use this calculator to focus on each one individually. Then, you can decide whether it’s best to prioritize them or start tackling them all at once.
How to meet your monthly savings goal
Figuring out how much money to save is only half the battle. Next comes taking the right steps to stop spending and start saving more money. Not sure where to start? You can turn to NerdWallet’s money saving tips for guidance.
Before you build a budget
NerdWallet breaks down your spending and shows you ways to save.