Savings Calculator
Calculate how much to save each month to reach your goal, or project your final savings balance.
Frequently Asked Questions
How much should I save each month?
A common rule is to save 20% of your income (the 50/30/20 budget). On a $60,000 salary that's $1,000/month. If saving for a specific goal — like a $20,000 emergency fund — use this calculator to find the exact monthly amount based on your timeline and interest rate.
How long does it take to save $10,000?
Saving $500/month with no interest takes 20 months. With a 4.5% APY high-yield savings account, you reach $10,000 in about 19 months. Starting with $2,000 already saved reduces that to 16 months. The higher your starting balance and interest rate, the faster you get there.
What is compound interest on savings?
Compound interest means you earn interest on your interest. At 5% APY on $10,000 over 10 years: simple interest gives $15,000; compound interest gives $16,289. The longer the time horizon, the more dramatic the difference. Einstein reputedly called compound interest "the eighth wonder of the world."
What is a high-yield savings account?
A high-yield savings account (HYSA) pays significantly more than a traditional savings account. As of 2025, the best HYSAs pay 4.5–5.0% APY vs. the national average of ~0.5%. On $10,000, that's $450–500/year vs. $50. FDIC-insured, they're as safe as regular savings.
How much interest does $10,000 earn in a year?
At 5% APY, $10,000 earns $500 in one year. At 4%, $400. At 0.5% (typical bank account), only $50. Over 10 years at 5%, that $10,000 grows to $16,289 — $6,289 in pure interest with no additional contributions.