When you’re living paycheck to paycheck, setting up your savings might seem like a job for Future You. 

But there are plenty of reasons to prioritize saving now, especially when you’re tight on cash:

• Life happens. When you get hit with an unexpected expense, it’s better to have money on hand than resorting to payday loans or maxing out your credit card.

• Consistency. By making the conscious decision to save, you’re establishing healthy saving habits. Eventually, you’ll find it easier to transform your emergency savings into your dream vacation or retirement savings.

• Peace of mind. Knowing you have extra money in a safe place reduces stress and lets you focus on the here and now. 

If it’s within your means to set aside just a small fraction of your paycheck each month, we guarantee that Future You will thank you.

Not sure where to start? We've got you covered.

Calculating how much to save

In some cases, it’s easy to put a number to a savings goal, like if you’re saving for a trip or a home improvement project. Or, maybe you just want to save enough to cover an unexpected expense without breaking the bank.

We'll explore both scenarios below.

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Saving up for a specific goal

Let’s say you want to save $425 in 3 months. Use the calculator below to figure out how much you should set aside from each paycheck. Just enter your savings goal, payday cycle, and timeline in the calculator to see how much you should save per paycheck.

Note: These calculations assume that the money you're setting aside is going into a non-interest-bearing account (in other words, you aren't earning any interest on the money you save).

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3-6-12 month savings

If you don't have a specific goal in mind, but have an idea of how much you'd be willing to save per paycheck, try the calculator below to explore your options. Use the slider to select your savings per paycheck, see how much you could save in 3, 6, or 12 months.

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Yearly savings cheat sheet

If you have a yearly goal in mind, you can also use our savings cheat sheet as a quick reference. Choose a goal from the left column to see how much you should aim to save each day, week, payday, and month.

Note: These calculations assume that the money you're setting aside is going into a non-interest-bearing account (in other words, you aren't earning any interest on the money you save). Amounts are rounded to the nearest dollar.

Quick tips to jumpstart your savings

If you’re having a hard time getting over that first hurdle of setting aside part of your paycheck, here are few quick tips:

Think of your savings as paying yourself. Before paying bills and rent and getting groceries, prioritize your future well-being by putting aside your savings for the month. 

Saving can be automatic! You can automatically send part of your paycheck to a dedicated account—no need to worry about making deposits or remembering pin codes. Learn how to do this with Exhale.

When you’re consistent about saving, even just a little bit each paycheck, you can start building meaningful habits that last a lifetime. Why not give yourself that opportunity sooner rather than later?