Savings Goal Calculator
Find how much you need to save each month to reach a savings goal by a set date, or how long it will take with the amount you can save, including interest
Last updated: November 11, 2026
How to Use the Savings Goal Calculator
How to use the savings goal calculator
- Choose what you want to know. Pick how much to save each month for a deadline, or how long it will take with a monthly amount you choose.
- Enter your savings goal and any money you have already set aside for it.
- Enter the time or the monthly deposit. For a deadline, enter years and extra months. For a timeline, enter what you can save each month.
- Add the interest rate. Use the annual rate on your savings account, or 0 if the money sits in cash.
- Read your plan. You see the monthly (and weekly) amount or the time needed, how much you put in, the interest earned and a year-by-year table.
The calculator assumes a steady interest rate and the same deposit every month. Real savings rates change over time, and interest may be taxed, so review your plan every few months and adjust.
Formula & Methodology
How much to save each month
To reach a goal by a set date, the calculator first works out what your current savings will grow to, then finds the monthly deposit that covers the rest. With interest compounded monthly:
Monthly savings = (Goal − Current × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1)
- r is the monthly interest rate (annual rate ÷ 12)
- n is the number of months
- Deposits are made at the end of each month
With no interest, it is simply (Goal − Current) ÷ Months.
Worked example
You want $20,000 in 3 years (36 months). You already have $2,000, and your savings account pays 4% a year.
- Monthly rate: 4% ÷ 12 = 0.3333%
- Your $2,000 grows to about $2,254.54 in 36 months
- The gap to fill is about $17,745.46
- Dividing by the annuity factor (about 38.18) gives about $464.77 a month
Without any interest you would need $18,000 ÷ 36 = $500 a month, so the interest saves you about $35 a month.
How long it will take
If you already know what you can save each month, the calculator adds a month at a time until the balance reaches the goal. The formula version is:
Months = ln((Goal × r + Deposit) ÷ (Current × r + Deposit)) ÷ ln(1 + r)
Example: saving $500 a month toward $20,000 with $2,000 already saved at 4% takes 2 years 10 months.
Saving for common goals
- Emergency fund: many planners suggest 3 to 6 months of essential expenses
- House down payment: often 3% to 20% of the home price, plus closing costs
- Car, wedding or travel: price the goal, add a little for taxes and fees, then set a date
About Savings Goal Calculator
Our savings goal calculator is a free, easy-to-use tool designed to help you find how much you need to save each month to reach a savings goal by a set date, or how long it will take with the amount you can save, including interest. For professionals or those who need quick calculations, our calculator provides accurate results instantly.
Frequently Asked Questions
How much should I save each month to reach my goal?
Subtract what you already have from your goal and divide by the number of months, then reduce it a little for the interest you will earn. For $20,000 in 3 years with $2,000 saved and a 4% savings rate, that is about $465 a month.
How long will it take to save $10,000?
It depends on how much you save. Starting from nothing at 4% interest, $250 a month takes about 3 years 2 months, $500 a month takes about 1 year 8 months, and $1,000 a month takes 10 months.
Does interest make a big difference?
For short goals it helps a little, and for long goals it helps a lot. Over 3 years a 4% rate trims about 7% off the monthly amount needed, while over 20 years interest can supply a large share of the final balance.
Where should I keep money for a savings goal?
For goals within a few years, a high-yield savings account, money market account or certificate of deposit keeps the money safe and earns interest. Money for goals many years away may be invested, but the value can go down as well as up.
How big should my emergency fund be?
A common guideline is 3 to 6 months of essential living costs, such as housing, food, utilities, insurance and loan payments. People with irregular income or dependents often aim for more.
What is the 50/30/20 rule?
It is a simple budget that puts 50% of take-home pay toward needs, 30% toward wants and 20% toward savings and paying off debt. It can help you find the monthly amount for a savings goal.
Is this calculator the same as a compound interest calculator?
They use the same math but answer different questions. A compound interest calculator shows what your money will grow to. A savings goal calculator starts from the amount you want and works out the monthly deposit or the time needed to get there.
Related Calculators
Compound Interest Calculator
See how your savings or investment grows with compound interest and regular monthly deposits
Simple Interest Calculator
Calculate simple interest and the final amount, or work backwards to find the principal, rate or time, using I = P × r × t
Mortgage Affordability Calculator
Estimate how much house you can afford based on your income, debt, and down payment.
Inflation Calculator
Calculate the impact of inflation on purchasing power and determine equivalent values across different time periods
Your result will appear here
Loading…