Money & Finance
Savings goal calculator
Name a target, a time and the interest you earn. See the monthly saving that gets you there and how the balance grows each year.
- Free, no sign-up
- Runs in your browser
- Nothing uploaded
Goal
Only changes the symbol and number format. No exchange rates are used.
Time in
Use 0 if the money earns nothing.
Result
Year-by-year plan
How to use this tool
- Enter the amount you want to reach and what you have already saved.
- Set how long you have, in years or months.
- Enter the interest rate your savings earn each year.
- Read the monthly saving needed and the year-by-year plan, then copy it or download the CSV.
How it works
The calculator finds the fixed monthly deposit that grows, together with your existing savings and the interest they earn, to exactly your goal at the end of the period. Deposits are made at the end of each month and interest compounds monthly at the rate equivalent to your yearly figure.
Deposit = (Goal − Saved × (1 + i)n) × i ÷ ((1 + i)n − 1)
i = monthly rate, n = number of months
Good to know
Even a modest interest rate shortens the road. Saving 20,000 over five years with nothing earned needs 300 a month after the 2,000 already saved, but at 4% a year it drops to around 265 because of the interest. If your savings already grow past the goal, the tool tells you no extra saving is needed.
Savings accounts change their rates, and interest can be taxable, so use a rate after tax if you want a conservative plan. For long-term goals such as retirement use the retirement planner, which also includes inflation. The currency selector only changes the symbol and number format.
Frequently asked questions
How much should I save each month?
Enter your goal, what you have, the time and the interest rate. The calculator shows the monthly deposit.
What if I earn no interest?
Set the rate to 0. The deposit is then the remaining amount divided by the number of months.
Does inflation matter for a savings goal?
For short goals it matters little. For goals more than five years away, raise the goal to cover price rises or use the retirement planner.
Is anything stored?
No. Everything is calculated in your browser.