Savings Goal Calculator

Work out how much to save each month to reach a savings goal by a deadline — or how long it will take with a fixed monthly amount. Interest is compounded monthly, and a year-by-year table shows deposits, interest and balance.

This tool runs entirely in your browser.

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How to use the Savings Goal Calculator

1Enter your goal, what you have saved already and the expected interest rate.
2Choose “monthly saving needed” and a deadline in years — or “time to reach the goal” and your monthly saving.
3Read the answer and the year-by-year table.

What is the Savings Goal Calculator?

The calculator assumes you deposit at the end of each month and that interest compounds monthly. With interest, the required deposit is (goal − current × (1 + r)^n) × r ÷ ((1 + r)^n − 1), where r is the monthly rate and n the number of months.

Even a modest rate helps: saving for 20,000 over 3 years from 2,000 needs about 465 a month at 4 % instead of 500 with no interest.

Frequently asked questions

What interest rate should I use?

Use your savings account’s current rate for cash goals. For invested money, use a conservative long-term average and remember returns are not guaranteed.

Does it include inflation?

No. For long-term goals, raise the goal by expected inflation — or use the retirement calculator, which accounts for it.

Is the Savings Goal Calculator free and private?

Yes. The Savings Goal Calculator is free, needs no account, and runs entirely in your browser. What you type is never sent to a server or stored.

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