Savings goal calculator
Enter your goal, what you have already saved and the monthly amount you can set aside to see how long it will take to get there.
Time to reach your goal
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How this calculator works
- Subtract what you have already saved from your goal to find the gap.
- Add your monthly contribution and any interest to the balance each month.
- Count the months until the balance reaches the goal.
Formula: Each period: balance = balance + monthly contribution (+ interest if entered)
Frequently asked questions
How big should an emergency fund be?
A common guideline is three to six months of essential expenses. The right figure depends on how secure your income is and how many people depend on it.
Where should I keep an emergency fund?
Somewhere you can reach it quickly without penalty, and separate from your day-to-day account. A high-interest savings account is commonly used.
Should I save or pay down debt first?
Many advisers suggest a small starter buffer while paying down high-interest debt, then building the full fund. This is general information, not financial advice.
Sources
- Financial Consumer Agency of Canada — Financial Consumer Agency of Canada
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