How Much to Save Each Month to Reach $10,000
Monthly savings needed to reach $10,000 in 1, 2, 3 or 5 years, with and without interest, plus tips to hit the goal faster.
Saving $10,000 is a great first big goal: an emergency fund, a car down payment, a wedding or a move. Here's how much you need to put away each month, depending on your timeline.
Monthly savings to reach $10,000
Starting from zero. The 4% column assumes a savings account paying 4% a year; the 0% column assumes no interest.
| Time to goal | No interest | At 4% interest |
|---|---|---|
| 1 year | $833.33 | $818.17 |
| 2 years | $416.67 | $400.92 |
| 3 years | $277.78 | $261.91 |
| 5 years | $166.67 | $150.83 |
Interest helps more the longer you save. Over a year it barely moves the number; over five years it does real work.
Other common goals
| Goal | In 2 years at 4% | In 3 years at 4% |
|---|---|---|
| $5,000 | $200.46 | $130.95 |
| $15,000 | $601.37 | $392.86 |
| $20,000 | $801.83 | $523.81 |
| $25,000 | $1,002.29 | $654.77 |
Five ways to hit it faster
- Automate it. Schedule a transfer for the day after payday so the money moves before you can spend it.
- Use a separate account. Out of sight is out of reach. A high-yield savings account also earns more.
- Save windfalls. Tax refunds, bonuses and gifts can cover months of saving at once.
- Cut one recurring cost. The subscription calculator can help you spot one.
- Raise it with your pay. Every raise, bump your automatic transfer before you get used to the money.
Saving for something longer-term? See how money grows over decades with the compound interest calculator.
For general information only, not financial advice. Numbers are estimates from our calculators using the assumptions stated.