TAXLOOPHOLE.CAMoney skills school doesn't teach
Saving and Spending
Save for a Goal0/3 questions
In this lesson
  1. Introduction
  2. Calculate the plan
  3. Separate the money
  4. Example
  5. Put it into practice
  6. Check your understanding
  7. Official sources
  8. In short
Saving and Spending

Save for Something You Want

Turn a purchase goal into a weekly or monthly plan.

4 minutesBeginnerReviewed July 23, 2026Lesson 6 of 15
By the end of this lesson, you will be able to…
  • Calculate the weekly or monthly amount needed to reach a savings goal.
  • Use a separate account or automatic transfers to stay consistent.
  • Adjust a goal, deadline, or income when a plan isn't realistic.

A useful savings goal has an amount, purpose and deadline.

Key takeaway

A useful savings goal has an amount, a purpose, and a deadline.

Calculate the plan

Goal amount − already saved = amount remaining.

Divide the remaining amount by the available weeks or months.

If the contribution is unrealistic, extend the deadline, lower the goal or increase income.

Separate the money

A separate savings account can reduce temptation.

Automatic transfers may also help.

Key terms in this lesson
Savings goal

A plan with an amount, purpose, and deadline.

Quick check

What are the three parts of a useful savings goal?

Example

Goal: $300 · Saved: $60 · Remaining: $240 · Time: 12 weeks · Required weekly savings: $20.

Savings plan
Goal
$300
Already saved
$60
Remaining
$240
Time available
12 weeks
Required weekly savings
$20

Put it into practice

0/3 done
  1. Open the Savings Goal Calculator tool.Open the Savings Goal Calculator
  2. Enter your goal, current savings and target date.
  3. Adjust the frequency until the contribution feels realistic.
Check your understanding

3 questions

Progress is saved in this browser

Questions completed: 0 of 3

Question 1 of 3
You need $180 and have already saved $60. How much remains?
Question 2 of 3
You need $120 in 8 weeks. What weekly contribution does that require?
Question 3 of 3
The required weekly amount is far more than you can manage. What is a reasonable fix?

In short

  • A useful savings goal has an amount, a purpose, and a deadline.
  • Subtract what you've already saved from the goal, then divide by the time you have.
  • A separate account and automatic transfers make saving easier to stick to.
  • If the required contribution is unrealistic, adjust the deadline, the goal, or your income.
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