Savings Goal Calculator

The common guideline is 20% of your income (from the 50/30/20 rule), but the right amount depends on your specific goal, timeline, and circumstances. Use this calculator to find the exact monthly amount needed for your target. For freelancers with variable income, save more during good months to build a buffer for lean periods.

It depends on where you keep your savings. High-yield savings accounts currently offer 4-5% APY. CDs might offer slightly more for locked-in terms. Index fund investments historically return 7-10% annually but with volatility. For short-term goals (under 2 years), use your HYSA rate. For longer goals, a conservative 6-7% for diversified investments is reasonable.

Yes, for goals more than 2-3 years away. Inflation (historically ~3% in the US) erodes purchasing power over time. A $50,000 goal in 10 years will actually need about $67,000 in future dollars to have the same purchasing power. Use advanced mode to add inflation adjustment to your target.

Freelancers and gig workers don't earn the same amount every month. An irregular income buffer (10-20% extra) accounts for lean months when you might not be able to save the full target amount. By saving more during good months, you stay on track even when income dips. This is one of the most important adjustments for self-employed savers.