How much should I save each month?

A common rule is to save 20% of your income. However, any amount helps — even $50/month can grow significantly over time thanks to compound interest.

What is a good interest rate for savings?

High-yield savings accounts typically offer 3-5% APY. Certificates of deposit (CDs) may offer slightly higher rates for fixed terms.

Calculate how much your savings will grow with regular deposits and compound interest.

Calculate how much your savings will grow with regular deposits and compound interest.

Initial Savings*

Monthly Deposit*

Annual Interest Rate*

Time Period*

years

Emergency fund

Start with $1,000, add $300/month at 4% for 5 years

$21,083.52

Retirement

Start with $50,000, add $1,000/month at 7% for 25 years

$1,014,567.32

Not accounting for inflation

Fix: Your real purchasing power may be lower than the nominal amount shown. Consider subtracting inflation (typically ~3%) for real returns.

Overestimating the interest rate

Fix: Use a realistic rate based on your savings vehicle. High-yield savings accounts typically offer 3-5%, not 10%+.