Savings Goal Calculator
Find out how much to save each month to reach a savings goal by a target date, counting what you've already saved and the interest it earns.
Your goal
Enter your goal and timeline to see how much to save each month.
The Savings Goal Calculator works out how much you need to set aside each month to hit a target by a specific date. It counts money you've already saved and the interest your savings earn, then shows the monthly deposit, when you'll reach the goal, and how much of the total comes from interest.
How to use the Savings Goal Calculator
- Enter your savings goal and how much you've already saved.
- Enter how many years you have to reach it.
- Set the annual interest or return rate your savings earn.
- Read the monthly amount to save and the breakdown of deposits vs. interest.
Frequently asked questions
- How is the monthly savings amount calculated?
- The tool first grows your current savings to the target date, then solves the future-value formula FV = PV(1+r)^n + PMT x ((1+r)^n - 1) / r for the monthly deposit PMT, using the annual rate divided by 12.
- What interest rate should I enter?
- Use what your money will really earn: a high-yield savings account may pay around 4%, while a regular savings account may pay close to 0%. For short-term goals, avoid assuming stock-market returns.
- What if I already have enough saved?
- If your current savings will grow past the goal on their own by the target date, the calculator tells you that no monthly deposit is needed.
- Does it account for inflation or taxes?
- No. It uses the goal amount exactly as you enter it. For a goal several years away, raise the target a little to cover rising prices, and remember that interest may be taxable.