Sinking fund calculator (per paycheck)
A sinking fund is money saved a little at a time for an expense you know is coming. Tell the calculator the goal and the date, and it tells you the amount per paycheck.
The formula
Per paycheck = (goal − saved so far) ÷ paychecks left before the date. Paychecks left is days until the date ÷ 14 for biweekly pay, rounded down so you finish early rather than late.
Example: a year of common sinking funds
| Fund | Target | Time | Biweekly checks | Per paycheck |
|---|---|---|---|---|
| Holiday | $NaN | undefined mo | NaN | $NaN |
| Total | $NaN |
That's a lot per check, which is why most people start with two or three funds. More ideas and amounts in how much to keep in sinking funds.
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Frequently asked questions
Where should I keep sinking fund money?
A separate high-yield savings account (or one account with labeled buckets) so it doesn't get spent by accident.
Should I count 3-paycheck months?
The calculator counts every paycheck. If you would rather keep the extra checks free, use a slightly earlier date.
What if I miss a paycheck contribution?
Re-run the calculator with the new saved amount; it spreads the gap over the checks that are left.