Savings Goal & Sinking Funds Calculator

Plan several savings goals at once. See how much each goal needs per month, what you need to save in total, and how long a goal takes at your own pace.

This calculator is for education and planning only and is not financial, tax or legal advice. Results are estimates based on the numbers you enter. Everything is calculated in your browser; nothing you type is sent or stored.

Why sinking funds work

Most budget emergencies are not really surprises. The car needs new tires every few years, insurance renews every year, and the holidays arrive on the same date every December. What makes these costs painful is that they come as one large bill. A sinking fund turns that bill into small monthly amounts that fit into your regular budget, so when the expense arrives, the money is already there.

This calculator does the math for several goals at once. For each goal it takes the amount still missing and divides it by the number of months until your target date. The sum of all goals is the amount you need to set aside each month. If that total is more than your budget allows, you will see it right away and can adjust dates or targets before you fall behind.

How to use it

1. Add a row for each goal: a name, the target amount, what you have already saved, and the date you need the money.
2. Check the monthly total. It should fit into what is left over from your paychecks. If you are paid every two weeks, use the per-paycheck amount (monthly total × 12 ÷ 26) for an automatic transfer on each payday. The paycheck budget calculator shows how much that is.
3. Adjust and prioritize. Push a less urgent goal further out, lower a target, or fund the most important goal first.
4. Use the "how long will it take" section for open-ended goals without a fixed date: enter what you can save per month and see when you reach the target.

The months are counted as calendar months between today and the target date, with a minimum of one. A goal due on December 1 of next year, checked in October, has 14 months left. With $6,000 as the target and $2,000 already saved, you would put aside $285.71 each month.

Which goals to start with

• Emergency fund. A common starting target is one month of essential expenses, growing toward three to six months over time. It protects every other plan, including your debt payoff.
• Car maintenance and repairs. Tires, brakes and inspections are predictable over a few years even if the exact month is not.
• Annual and semi-annual bills. Insurance premiums, subscriptions, memberships and property taxes are ideal sinking funds because the date and amount are known.
• Holidays and gifts. Divide last year's spending by twelve and start in January.
• Vacation. Saving in advance means the trip is paid for before you leave, with no card balance afterwards.

Tips for sticking with it

Automate a transfer right after each payday so the money is moved before you can spend it. Review your goals once a month and update the "already saved" amounts. When you spend from a fund for its purpose, that is a success, not a setback: the fund did its job. Restart it and keep going.

Frequently asked questions