How it works
Each month the calculator adds your deposit and the interest earned on the balance, until the balance reaches the goal. With $1,500 saved, $400 a month and 4% interest, a $10,000 goal takes about 21 months.
Ways to get there faster
- Automate the deposit on payday so it happens before you spend.
- Use a high-yield savings account; online banks often pay several times more than big banks.
- Send raises, tax refunds and side income straight to the goal.
How big should an emergency fund be?
Three to six months of essential expenses. Use the family budget calculator to know that number.