Savings Goal Calculator
Set a target and a deadline to see how much to save each month, or enter a monthly deposit to see how long it will take. Interest is compounded monthly.
Progress tracker
Growth over time
- Starting savings + deposits
- Interest
- Goal
Monthly schedule
| Month | Date | Deposit | Interest | Balance | Progress |
|---|
Estimates only, not financial advice. Interest rates on savings accounts can change, and taxes on interest are not included.
How to use the Savings Goal Calculator
- Choose a mode: “By deadline” to find the monthly deposit, or “How long” to find the time needed.
- Enter your savings goal and how much you have saved already.
- Add the interest rate your savings account pays, or 0 for cash.
- Pick a deadline (or tap a quick button), or enter the amount you can save each month.
- Press Calculate to see the result, your milestone dates, the growth chart and the monthly schedule.
Savings goal formula with a worked example
With monthly compounding and a deposit at the end of each month, the deposit needed to reach a goal is:
PMT = (goal − current × (1 + r)n) × r ÷ ((1 + r)n − 1), where r is the annual rate ÷ 12 ÷ 100 and n is the number of months. At 0% interest it is simply (goal − current) ÷ n.
Example: you want $10,000 in 2 years, already have $1,000 and earn 4% a year. r = 0.04 ÷ 12 ≈ 0.003333 and n = 24. Your $1,000 grows to about $1,083.14 on its own, so the deposits must cover the rest: PMT = (10,000 − 1,083.14) × 0.003333 ÷ (1.00333324 − 1) ≈ $357.49 a month. You deposit $8,579.78 in total and earn about $420.22 in interest.
Turning it around, saving $300 a month from the same $1,000 at 4% reaches $10,000 after 29 months (2 years 5 months).
Monthly savings needed at 0% interest
| Goal | 6 months | 1 year | 2 years | 3 years | 5 years |
|---|---|---|---|---|---|
| $1,000 | $166.67 | $83.33 | $41.67 | $27.78 | $16.67 |
| $5,000 | $833.33 | $416.67 | $208.33 | $138.89 | $83.33 |
| $10,000 | $1,666.67 | $833.33 | $416.67 | $277.78 | $166.67 |
| $20,000 | $3,333.33 | $1,666.67 | $833.33 | $555.56 | $333.33 |
Interest lowers these amounts a little, and the effect grows with longer timelines and higher rates.
Tips for reaching a savings goal
- Automate it. Schedule a transfer on payday so the money is saved before you can spend it.
- Use a high-yield savings account for short-term goals such as an emergency fund, a holiday or a car deposit.
- Break it into milestones. Celebrating 25%, 50% and 75% keeps you motivated; the tracker above shows when you'll hit each one.
- Put windfalls toward the goal. Tax refunds, bonuses and gifts can cut months off the timeline.
The results are estimates only and are not financial advice.
Frequently asked questions
How much should I save each month to reach my goal?
Subtract what you already have from the goal and divide by the number of months. For $10,000 in 24 months starting from zero at 0% interest that is $416.67 a month. Interest reduces the amount slightly, which the calculator works out for you.
How long will it take to reach my savings goal?
Switch to “How long” mode and enter your monthly deposit. The calculator adds each deposit and the month's interest until the balance reaches the goal, and shows the number of months and the date.
How is interest calculated?
Interest is compounded monthly at the annual rate ÷ 12. Each month the balance earns interest first, and then the deposit is added at the end of the month.
What interest rate should I use?
Use the annual percentage yield (APY) or interest rate your savings account pays. Rates vary over time; use a lower rate if you want a cautious plan, or 0% for cash savings.
How big should an emergency fund be?
A common guideline is three to six months of essential expenses. Enter that amount as your goal to see how long it will take to build.
Is this financial advice?
No. The results are estimates only, based on a fixed interest rate and regular deposits, and do not include taxes on interest.