Money
Savings goal calculator: goals, emergency fund and challenges
Starting from $1,000 and saving $300 a month at 4% APY, you reach $10,000 in about 2 years, 5 months. An emergency fund is usually 3 to 6 months of essential expenses.
Emergency fund targets by monthly expenses
Three to six months of essential expenses (rent or mortgage, utilities, groceries, insurance, transport and minimum payments) is the usual guidance.
| Essentials a month | 3 months | 6 months |
|---|---|---|
| $2,500 | $7,500 | $15,000 |
| $3,000 | $9,000 | $18,000 |
| $4,000 | $12,000 | $24,000 |
| $5,000 | $15,000 | $30,000 |
| $6,000 | $18,000 | $36,000 |
| $8,000 | $24,000 | $48,000 |
Citing this? Link to https://tools.tidyandtended.com/savings-goal/. Computed by our calculator. Free to reuse with a link (CC BY 4.0).
Savings challenges, totals
| Challenge | How it works | Total |
|---|---|---|
| 52-week | Save $1 in week 1, $2 in week 2 … $52 in week 52 | $1,378 |
| 52-week, $5 steps | $5, $10 … $260 | $6,890 |
| 100-envelope | Number envelopes $1–$100; fill one or two a week | $5,050 |
| 26-payday | Save $2 on payday 1, $4 on payday 2 … $52 | $702 |
How it works
Months to goal adds your monthly deposit and a month of interest (your APY converted to a monthly rate) until the balance reaches the goal. Monthly amount for a deadline uses the standard savings formula. Interest is an estimate: savings rates change.
Questions
How much should be in an emergency fund?
Three to six months of essential expenses is the common guidance: with $4,000 of essentials a month, that’s $12,000 to $24,000. Start with a smaller first goal, such as $1,000, if that feels out of reach.
How long will it take to save $10,000?
Starting with $1,000 and adding $300 a month at 4% APY, about 2 years, 5 months. To get there in two years you’d need about $358 a month.
How much does the 52-week money challenge save?
$1,378: $1 in week 1 up to $52 in week 52, about $26 a week on average.
How much is the 100-envelope challenge?
$5,050, the sum of envelopes numbered $1 to $100. Doing it over a year means about $97 a week.
Where should I keep my emergency fund?
Somewhere safe you can reach in a day or two, kept apart from everyday spending; many people use a high-yield savings account.
What are sinking funds?
Small savings pots for expenses you know are coming, such as car repairs, holidays or school costs. Use the goal tab for each one: target, date, monthly amount.
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