Savings goal calculator
Pick the goal, pick the date, and see the exact monthly amount that gets you there — with your head start and compounding doing their share. Rate suggestions use today's live HISA and GIC rates, not stale assumptions.
Your goal
Flip it: what can you actually save?
Enter an amount and we'll show when you'd reach the goal at your pace.Milestones on the way
Balance at the end of each year, contributions plus growth.
| Year | Projected balance |
|---|---|
| Year 1 | $11,480 |
| Year 2 | $18,145 |
| Year 3 | $25,000 |
Make the goal easier: park it where it earns
The monthly amount above assumes your savings actually earn the rate you entered — which they won't in a big-bank account paying near zero. The fix takes ten minutes: a top everyday HISA pays 2.85% today, a 1-year GIC locks 3.60% for a fixed-date goal, and holding either inside a TFSA keeps the interest tax-free (see TFSA savings rates — issuers often pay less on the registered version, so compare). For goals five or more years out, the investment growth calculator handles the invested-money case in real, after-inflation dollars.
Automate it on payday
The math is the easy part — the habit is the goal-killer. Set an automatic transfer for the morning your pay lands, into an account you don't see daily. Saving what's left at month-end fails; paying the goal first doesn't. If the monthly figure stings, lengthen the timeline before you inflate the rate assumption — time is the lever that always works.
Frequently asked questions
How much do I need to save a month to reach my goal?
Take your goal, subtract what your current savings will grow to by the deadline, and spread the rest over the remaining months — with each deposit earning until the end. On the default scenario above ($25,000 in 3 years, starting with $5,000 at 2.85%), that works out to about $521 a month. Change the numbers above — the result updates instantly.
What interest rate should I assume?
Match the rate to where the money will actually sit. Cash you need on a date belongs in savings or GICs, not stocks: the best everyday HISA we track pays 2.85% (Saven Financial) and the top 1-year GIC 3.60% as of June 13, 2026. Only assume a higher return (5%+) for goals 5+ years out where you'd genuinely invest the money — and accept the value can dip when the deadline arrives. When in doubt, use the HISA rate: a conservative assumption that makes you save slightly more is the error that never hurts you.
Where should I keep money I’m saving toward a goal?
By time horizon. Under ~2 years: a high-interest savings account — liquid, insured, decent rate. 2–5 years with a firm date: a GIC maturing just before you need the cash locks the rate so a rate cut can’t slow you down. 5+ years: investing becomes reasonable. And whatever the vehicle, hold it inside a TFSA if you have room — interest is otherwise fully taxed, which quietly lowers your real rate.
Should I save monthly or invest a lump sum I already have?
If you already have the money, it generally earns more deployed immediately than dripped in — the trade-off is explored in our DCA vs lump sum calculator. This tool answers the different, more common question: the money doesn’t exist yet, so how much of each paycheque must you set aside? Automating that monthly transfer on payday is the single highest-success-rate savings tactic there is.
Does this account for inflation?
No — deliberately. For a fixed-dollar goal with a deadline (a $40,000 down payment, a $15,000 renovation), the target is nominal and inflation is the seller’s problem, not the math’s. If your goal is far away and defined in today’s purchasing power, inflate the target yourself (about 2–3% a year — $25,000 of today’s spending is roughly $29,000 in five years at 3%) or use the investment growth calculator, which projects in real, after-inflation dollars.
What if I can’t afford the monthly amount it shows?
Three levers, in order of impact: push the date (an extra year usually cuts the monthly amount more than any rate change), trim the goal, or raise the rate honestly — moving from a big-bank savings account near 0% to a top HISA is free yield, but don’t paper over a shortfall by assuming returns the money won’t earn. Use the “what can I actually save?” field in the calculator to flip the question and see when you’d arrive at your own pace.
Educational tool, not financial advice. Projections assume a constant rate with monthly compounding and start-of-month contributions; real returns vary, and HISA rates float. Live rate chips refresh daily through our rate pipeline (last June 13, 2026). Confirm current rates with the issuer before opening an account.