Savings Goal Calculator

Setting SMART Goals

• Specific: Know exactly what you are saving for
• Measurable: Set a specific dollar amount
• Achievable: Be realistic about your income and expenses
• Relevant: Make sure this goal matters to you
• Time-bound: Set a deadline to create urgency

Automate Your Savings

Set up automatic transfers on payday so the money moves before you can spend it. What you do not see, you will not miss. Most banks offer free automatic transfers.

Where to Keep Goal Savings

• High-Yield Savings: Best for goals 1-3 years out
• CD Ladder: Slightly higher rates if you can lock money up
• I-Bonds: Good for 1+ year goals, inflation protected
• Money Market: Similar to HYSA with check-writing

Staying Motivated

• Track progress visually (this calculator helps!)
• Celebrate milestones (25%, 50%, 75%)
• Keep a picture of your goal visible
• Have an accountability partner
• Review progress monthly

Finding Extra Money to Save

• Cancel unused subscriptions
• Sell items you no longer need
• Pick up a side gig temporarily
• Redirect windfalls (tax refunds, bonuses)
• Use the 24-hour rule for impulse purchases

Common Savings Goals

• Emergency fund (3-6 months expenses)
• Down payment on a home
• New car (or used car fund)
• Vacation
• Wedding
• Home renovation
• Starting a business