Example
To reach 20,000 in 3 years with 2,000 already saved at 4 % interest, you need to save about 465 per month.
Tips
- Automate the transfer on payday so saving happens first.
- Keep short-term goals (under 3 years) in safe accounts; returns are lower but predictable.
- Split big goals into milestones.
See long-term growth with the Compound Interest Calculator.
Frequently asked questions
What if I enter 0% interest?
The monthly amount is simply the remaining goal divided by the number of months.
When are deposits made?
At the end of each month.
Are taxes on interest included?
No, results are before tax.