How the Savings Goal Calculator Works
Most people start saving without a target. This calculator does the opposite: you tell it where you want to be and when, and it tells you exactly what to put away each month.
The math
The calculator first projects how much your starting balance will grow over the time horizon at the chosen APY. Then it subtracts that future value from your goal to get the gap. Finally, it solves the future-value-of-an-annuity equation backward to find the monthly contribution that fills the gap.
Where to actually keep the money
For any goal under 5 years away, a high-yield savings account (HYSA) is the right home. CDs work if you are certain you won't touch the money before maturity. Money market accounts are similar to HYSAs with check-writing. Keeping a 3-year savings goal in stocks is too risky - a bad year right before the deadline can wipe out years of progress.
Making the plan stick
Automate the monthly transfer. Set it to fire the day after each paycheck. The money you never see is the money you actually save. If the suggested monthly amount is too high, extend the time horizon or lower the goal until the number is one you will hit every single month.
Common savings goals to test
Emergency fund: target 3-6 months of essential expenses. Down payment: 10-20% of home price. New car: full purchase price (avoid the loan). Wedding: $25-35K average. Run each scenario and see what monthly contribution each requires.