Savings Goal Calculator
Enter what you’re saving for, how much you have and when you need it, and see how much to put away each month and each week. Free, no sign-up.
Yearly, as your savings account or TFSA pays it. Leave 0 to ignore interest.
$375to save each month
≈ $86.54 a week
$1,000 of $10,000 saved
- You put in
- $9,000
- Interest earns
- $0
Now actually put it aside
Add this goal in AI Budgie and it shows how far along you are and what each month still needs, next to the budget you spend from. Leftover money at the end of the month can move into savings by itself.
Track this goal with AI BudgieFree for 30 days. Savings goals are included.
How the calculator works
Without interest it is simple division: take the goal, subtract what you already have, and split the rest over the months you have. C$10,000 in 24 months is C$416.67 a month, or C$375 if C$1,000 is already saved.
With interest, the calculator grows what you have already saved, adds interest to each deposit once a month, and finds the deposit that lands exactly on your goal. It assumes a steady rate and deposits at the end of each month, so treat the answer as a close estimate, not a promise: savings rates change.
The weekly figure is the monthly amount times 12, divided by 52. It suits a paycheque that arrives every week or every two weeks: put the weekly amount aside on payday and the month takes care of itself.
Make it automatic. The amount that works is one that leaves your account on payday, before you can spend it. Set up a recurring transfer for the figure above, then check in once a month.
Questions people ask
How much should I save each month to reach my goal?
Subtract what you have already saved from your goal and divide by the number of months you have. For example, C$10,000 in two years is about C$417 a month. Interest lowers that a little: at 3% a year it is about C$405, because interest adds roughly C$285 along the way.
How big should an emergency fund be?
The usual guide is three to six months of essential expenses: rent or mortgage, groceries, utilities, transportation, insurance and minimum debt payments. Aim toward six months if your income is irregular or you support others. If that feels far away, start with one month; it already covers most surprises.
Does interest make a big difference to a savings goal?
For short goals, not much: over two years at 3%, it covers under 3% of a C$10,000 goal. Over longer stretches it adds up. Saving C$30,000 over five years at 3% takes about C$464 a month instead of C$500, because interest contributes about C$2,150.
Where should I keep money for a savings goal?
For money you need within a few years, keep it somewhere safe and easy to reach, apart from your everyday account, such as a high-interest savings account. In Canada, holding it in a TFSA means the interest isn’t taxed. Money for goals more than about five years away can take more risk, but that is a choice to make with your own situation in mind.
Should I save or pay off debt first?
A common approach is to build a small emergency fund first, so a surprise doesn’t go on a credit card, then put extra money toward high-interest debt such as credit cards, and then return to bigger savings goals. Debt that charges more interest than your savings earn usually costs you more than saving gains you.