Plan for car repairs, holidays, gifts and yearly bills: see how much to put aside every month for each goal so the money is ready when the bill comes.
By TanLabs Editorial Team · Reviewed: page results cross-checked against the free spreadsheet · Last updated · Runs in your browser – nothing you type is sent anywhere
With goal 1 amount: e.g. car insurance $1,200, goal 1 – months until due 12, goal 2 amount: e.g. holidays & gifts $1,000, goal 2 – months until due 10, goal 3 amount: e.g. car repairs $800, goal 3 – months until due 12, goal 4 amount: e.g. vacation $2,000, goal 4 – months until due 8:
Set aside $516.67 a month in total
About $119.23 a week or $238.46 per biweekly paycheck · 4 goals worth $5,000.00
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Monthly amount for each goal = goal amount ÷ months until it is due. Total monthly = the sum over all goals. Weekly = monthly × 12 ÷ 52; per biweekly paycheck = monthly × 12 ÷ 26.
Formula source: Monthly amount = goal ÷ months until due, summed over goals – straight-line saving as in CFPB budgeting guidance. CFPB – budgeting: how to create a budget and stick with it
Written and checked by the TanLabs Editorial Team · Last updated
Goals and months until each is due:
| Goal | Amount | Months | Per month | Per biweekly paycheck |
|---|---|---|---|---|
| Car insurance paid yearly | $1,200 | 12 | $100.00 | $46.15 |
| Christmas and gifts (from January) | $1,000 | 11 | $90.91 | $41.96 |
| Car repairs and tyres | $800 | 12 | $66.67 | $30.77 |
| Summer vacation | $2,000 | 6 | $333.33 | $153.85 |
| New laptop | $1,200 | 10 | $120.00 | $55.38 |
| Vet and pet costs | $600 | 12 | $50.00 | $23.08 |
| All six goals | $760.91 | $351.19 |
Six common goals need about $761 a month, or $351 per biweekly paycheck. A short deadline – the 6-month vacation – costs the most per month.
Money you set aside in small amounts for a known future expense, so the bill does not land on a credit card. It is different from an emergency fund, which is for the unexpected.
Either works. Many banks let you open free savings "buckets" inside one account so each goal has its own balance.
Anything predictable but not monthly: insurance paid yearly, car registration, holidays and Christmas, birthdays, school costs, vet visits and home or car repairs.
An emergency fund covers surprises like job loss. A sinking fund covers costs you know are coming, like yearly insurance or Christmas.
As many as you have irregular bills you can name. Start with the two or three largest.
Yes. A high-yield savings account with separate buckets keeps the money safe, FDIC-insured and earning interest.
Sources: CFPB – budgeting: how to create a budget and stick with it