Savings goal planner
A trip, a car, a down payment, a wedding. Name it, date it, and get a monthly number you can automate.
BudgetHelp's calculators give estimates based on what you enter. They're for education and planning, not financial, tax or investment advice. Check important decisions with a qualified professional.
Turn a wish into a plan
A goal without a date is a wish. Once you know the monthly number, put it in your budget planner under Future you, then set an automatic transfer for the day after payday. You'll stop deciding every month whether to save, and the goal fills itself.
If the monthly number looks too big, you have three levers: move the date out, lower the target, or find room in your wants. Small changes to all three add up fast.
Saving for several goals?
Many banks let you open multiple savings accounts for free and nickname each one. One account per goal, each with its own automatic transfer, is the easiest system to keep.
Savings goal questions
How do I save for a goal faster?
Give the goal its own savings account with a clear name, set an automatic transfer for payday, and add any windfalls like a tax refund or bonus. Labelled, automatic savings are much harder to spend.
What interest rate should I use?
Use the rate on the account where you'll keep the money. High-interest savings accounts pay a modest rate that changes over time. Leave it at 0% for a conservative estimate.
Where should I keep savings for a home down payment?
If you're a first-time home buyer, the FHSA lets you save up to $8,000 a year, $40,000 in total, with tax advantages. Our TFSA, RRSP and FHSA guide explains the rules.