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Savings Goal Calculator

Find how much to save each month to reach a savings goal by a date, including interest.

12 months = 1 year.

Result

Enter your values and select Calculate to see the result.

Runs in your browser — nothing you enter is sent to a server.

How the Savings Goal Calculator works

Enter your goal, what you've already saved, how many months you have and the interest rate your savings earn. The calculator works backwards from the goal to the deposit you need each month, assuming interest is compounded monthly and you deposit at the end of each month.

Formula

D = (G − S(1 + i)n) × i ÷ ((1 + i)n − 1)

Where:

G
Savings goal
S
Amount already saved
i
Monthly rate: annual rate ÷ 12
n
Number of months

At 0% interest this is simply (G − S) ÷ n.

Examples

10,000 in 3 years with 1,000 saved, at 4%

Save 232.38 a month. You deposit 8,365.77 and earn 634.23 in interest.

6,000 in a year with no interest

6,000 ÷ 12 = 500 a month.

Frequently asked questions

What if my savings already reach the goal?

The calculator tells you no deposits are needed — for example, 1,000 at 5% grows past 1,100 within 36 months on its own.

Should I include inflation?

If the goal is years away, raise it to allow for price increases — the Inflation Calculator shows how much. Or enter a rate that's already after inflation.

Does saving weekly change the answer?

Only slightly. Divide the monthly amount by about 4.33 for a weekly figure; the extra interest from saving a little earlier is small.

Information:

Good to know

Results are estimates for planning. They aren't financial advice, and real returns, rates and fees vary.

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