Savings Goal Calculator

Enter a savings target and a deadline to see how much to put aside each month, allowing for interest.

How to use the Savings Goal Calculator

  1. Enter your savings goal and what you have saved so far.
  2. Enter the number of years and the interest rate you expect to earn.
  3. Read the monthly and weekly deposit needed to reach the goal on time.

How the monthly deposit is calculated

First the calculator grows your current savings at the interest rate to see what they will be worth at the deadline. The remainder of the goal is then spread over monthly deposits that also earn interest:

Deposit = (Goal − Current × (1 + i)n) × i ÷ ((1 + i)n − 1)

where i is the monthly interest rate and n is the number of months. With no interest, the deposit is simply the remaining amount divided by the number of months.

Reaching a goal faster

  • Automate the transfer on payday so saving happens first.
  • Use a high-yield savings account for short-term goals.
  • Increase the deposit whenever your income rises.

Results are estimates for planning. They are not financial advice and do not include every fee a lender or provider may charge.

Frequently asked questions

How much should I save each month?

Divide what you still need by the number of months, then reduce it slightly for the interest you will earn. The calculator does this for you.

How big should an emergency fund be?

A common guideline is three to six months of essential living costs.

Does the interest rate make a big difference?

For short goals of a few years, not much: your deposits do most of the work. Over longer periods interest becomes more important.

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