As a wise woman once quipped, if you want the hot body, the Bugatti, the Maserati, you betta work [on forecasting how much the goal will cost and what you'll need to save each month to pay for it in cash]... b*tch. 🎶

Use the calculator below to plan your next big save—or splurge. This calculator also factors in any compound interest you might accrue from something like a high-yield savings account.

Where should I save the money?

We love free money, so you should put this money where it can potentially compound and/or generate returns. But you also might want it to be accessible, in case plans change and you need to pull the money sooner than expected.

You should weigh both returns and timeline in your decision.

High-Yield Savings Accounts (HYSAs)

Currently offering 3-4% APY, HYSAs are the sweet spot for most savings goals under 5 years.

Your money is FDIC-insured, fully liquid, and earning interest. The interest might only amount to a few hundred dollars by the time you're done, but hey, that's enough for some nice dinners or cool souvenirs.

Certificates of Deposit (CDs)

CDs can offer slightly higher rates if you're willing to lock up your money.

A CD ladder strategy, in which you split your savings across 6-month, 12-month, and 18-month CDs, gives you periodic access while maximizing returns.

Money Market Accounts (MMAs)

Think of an MMA like a high-yield checking account. The interest rates are typically not as good as HYSAs or CDs, but the money is really liquid. Many accounts come with debit cards; you could access the money same-day if you had to. have similar rates to HYSAs with the added perk of check-writing ability.

Tips to reach your goal faster

A few other tips to make progress on your savings goals:

• Automate transfers. Set up automatic monthly transfers on payday so saving happens before spending. This is the single most effective habit for consistent savers.
• Redirect windfalls. Tax refunds, bonuses, and cash gifts can shave months off your timeline. Even putting half of an unexpected windfall toward your goal makes a meaningful difference.
• Review every month. Check your progress each month. Seeing the number grow creates positive momentum and helps you stay on track.

When to use this calculator

This savings goal calculator is most useful for medium-term goals (6 months to 5 years). For shorter timelines, interest honestly doesn't matter much; just divide your goal by the months. For longer timelines, like retirement, you might be better off investing the money, since you'd have time to absorb the dip if value goes down for a period of time. ⬥