About the Savings Goal Calculator
This savings goal calculator works backwards from a target. Tell it how much you want to have, how much you have saved already, how long you have and the interest rate you expect, and it tells you the monthly (and weekly) amount you need to put away to get there on time.
It is ideal for concrete goals: a house deposit, a wedding, a car, a round-the-world trip or a fully funded emergency fund. Because it credits interest on both your existing savings and each new deposit, the amount you need is less than simply dividing the gap by the number of months — and the chart shows your balance climbing toward the goal line.
The calculation assumes you deposit at the end of each month, interest compounds monthly, and the rate stays the same throughout. If your current savings will already reach the goal with interest alone, the required deposit shows as zero.
With the default inputs, the monthly savings needed is $651.44. Change any value above to recalculate instantly.
How to use the savings goal calculator
- 1Enter the amount you want to save.
- 2Enter what you have saved toward it already.
- 3Set how many years you have to reach the goal.
- 4Enter the interest rate or return you expect on the money.
- 5Set up an automatic transfer for the monthly amount shown.
Formula and method
First the calculator grows your current savings S for n months at the monthly rate r (annual rate ÷ 12). The shortfall between that amount and your goal G must be covered by regular deposits. Solving the future-value-of-an-annuity formula for the payment gives PMT, the level monthly deposit that closes the gap exactly on the deadline.
If the rate is 0%, the deposit is simply the shortfall divided by the number of months. The weekly figure is the monthly amount × 12 ÷ 52. Total contributions are your current savings plus all monthly deposits; the rest of the goal is interest.
- PMT
- Monthly deposit needed
- G
- Savings goal
- S
- Current savings
- r
- Monthly interest rate (annual ÷ 12)
- n
- Number of months until the deadline
Worked examples
$50,000 in 5 years with $5,000 saved at 4.5%
Your $5,000 grows to about $6,259 in 5 years. The remaining $43,741 is covered by 60 deposits of about $651. You put in about $44,086 in total and interest supplies the other $5,914.
$20,000 car fund in 3 years, no interest
With no interest, you simply divide $20,000 by 36 months: $555.56 a month, or about $128 a week.
Already on track
At 5% compounded monthly, $9,000 grows to about $10,453 in 3 years, which already beats the $10,000 goal — so no monthly deposit is required.
Frequently asked questions
How much should I save each month?+
It depends on the goal and deadline, which is exactly what this calculator solves. As a general budgeting rule, many planners suggest directing around 20% of take-home pay to savings and debt repayment, as in the 50/30/20 budget.
Where should I keep money for a savings goal?+
For goals under about five years, keep the money somewhere safe and accessible such as a high-yield savings account, money market account or CDs timed to your deadline. Stock-market investments can fall just when you need the cash.
Why is the monthly amount less than goal ÷ months?+
Because your existing balance and each deposit earn interest along the way. The longer the timeline and the higher the rate, the more of the goal is funded by interest rather than your own deposits.
What if I get paid every two weeks?+
Multiply the monthly figure by 12 and divide by 26 to get a biweekly amount. The weekly equivalent shown above uses the same idea with 52 weeks.
What if I miss a month?+
Missing a deposit leaves a shortfall that you can make up later or by extending the deadline. Re-run the calculator with your new current balance and remaining time to get an updated monthly figure.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.