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Saving and Spending
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

A useful savings goal has an amount, purpose and 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.

Example

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

Try this

  1. 1Open the Savings Goal Calculator tool.
  2. 2Enter your goal, current savings and target date.
  3. 3Adjust 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?

Official sources

Educational content only. TaxLoophole.ca provides general educational information and does not provide personalized tax, legal or financial advice. Rules may change and may differ based on your province, territory and circumstances. Verify important decisions with the Canada Revenue Agency, another appropriate government source or a qualified professional.

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