Free Sinking Fund Calculator: How Much to Save per Paycheck
A sinking fund is money you set aside a little at a time for a cost you know is coming: holidays, car repairs, a trip, insurance. List each goal, what you've already saved and the month you need it, and see what to put away each month and each paycheck.
It runs in your browser. Nothing you type is saved or sent anywhere. The rows filled in below are made-up examples; clear them and add your own.
| Goal | Goal amount ($) | Saved so far ($) | Needed by |
|---|
How the math works
- Still needed = goal amount − saved so far.
- Months left counts from this month to the month you need the money (at least 1).
- Per month = still needed ÷ months left. Per paycheck = per month × 12 ÷ paychecks a year.
- It doesn't add interest, so a savings account that pays interest gets you there a little sooner.
Example: $600 for the holidays with $150 saved and 3 months to go is $450 ÷ 3 = $150 a month, or about $69.23 per paycheck if you're paid every two weeks. Made-up numbers to show the math. This is general information, not financial advice.
Want to track it all year?
The Sinking Funds & Savings Goals Tracker ($5) is a spreadsheet that keeps every fund in one place: log each deposit and withdrawal, see progress bars, and see how much to save per month and per paycheck to hit each goal on time. Works in Excel and Google Sheets.
Get the tracker on Gumroad – $5
This template is also in the Complete Household Money Bundle (what's inside): all 13 home money spreadsheets for $29 (about $69 if bought one by one).
We make this template, so take that into account. The calculator above is free to use either way.
Related free guides
- How to Save for Several Goals at Once (Example Numbers)
- Sinking Funds: How to Budget for the Holidays
- How to Budget for Car Repairs and Maintenance
- How to Build a 12-Month Budget With Yearly Bills
Paying off debt first? Try the free debt payoff calculator.
See all Cedar & Ledger templates