Savings Goal Calculator
Find out how much to save each month to reach a goal.
Good to know. With interest, starting a year earlier can beat saving more each month. Time does quiet work.
Not financial advice. Uses only the numbers and rates you enter — no live data.
How it works
In plain words
Work out how much your current savings will grow to by the deadline, then find the equal monthly amount that, with interest, makes up the rest.
The formula
without interest: monthly = (goal − saved) ÷ months with monthly rate i: monthly = (goal − saved × (1+i)^n) × i ÷ ((1+i)^n − 1)
Worked example
To save 10,000 in 2 years (24 months) with no interest: 10,000 ÷ 24 = 416.67 a month.
Sources
- Brealey, Myers and Allen, Principles of Corporate Finance, chapter 2 The standard formulas for loan payments, compounding and present value, the same as a spreadsheet’s PMT and FV.
Sources checked September 29, 2026. 5 automated tests check its answers on every change.
About the savings goal calculator
Big goals feel easier once they are turned into a monthly number. Whether it is an emergency fund, a house deposit, a wedding or a new car, this calculator tells you what to set aside each month to get there on time.
Enter the target, anything you have already saved, and how long you have. If your savings earn interest, add the rate. The calculator assumes interest is added monthly and that you save at the end of each month, which is how most savings plans work.
At low interest rates and short time frames, interest makes only a small difference. Over longer periods it matters more. Saving for 10 years at 4% needs noticeably less each month than saving the same goal with no interest, because early deposits have years to grow.
A good habit is to make the saving automatic: set up a standing order for the day after payday, so the money moves before you can spend it. If the monthly figure is more than you can manage, try extending the deadline or lowering the goal and see how the number changes.
Remember that inflation means a goal set in today’s money will cost more in the future. For long-term goals, consider adding a little extra.
Questions people ask
How much do I need to save each month?
Without interest, divide what is left to save by the number of months. 10,000 over 24 months is 416.67 a month. Interest lowers this a little.
What if I already have enough saved?
If your current savings, plus any interest, will reach the goal by the deadline, the calculator shows 0 per month.
Does it include inflation?
No. It uses the goal as you enter it. For long-term goals, you can raise the target using the inflation calculator.
Which interest rate should I use?
The rate on the account you are saving into. If you’re not sure, use 0 for a cautious estimate.