Calculators
Savings Goal Calculator
Find how long it takes to reach a savings goal and the monthly amount needed to reach it by a target date, with interest.
- Runs in your browser
- Nothing uploaded
The tool
Enter your numbers below. Results update as you type, and nothing leaves your browser.
Everything you enter stays on your own machine. Nothing is sent to us or to anyone else, which you can confirm in your browser network tab.
What people use it for
- Saving for a house deposit
- Planning a large purchase
- Building a holiday or wedding fund
- Setting a monthly savings habit
About this tool
What the Savings Goal Calculator does
Reaching a savings goal depends on what you have now, what you add each month and the interest earned. This calculator solves both common questions: how long your current plan will take, and how much you need to save each month to hit the goal by a chosen date.
It also works as a time to goal calculator.
Formula
- Each month: balance = balance × (1 + r) + monthly saving, r = annual rate ÷ 12
- Needed monthly = (goal − current × (1 + r)^n) × r ÷ ((1 + r)^n − 1)
Worked example
Using the starting values in the calculator above:
| Input | Value |
|---|---|
| Savings goal | $30,000 |
| Saved so far | $5,000 |
| Monthly saving | $500 |
| Annual interest or return | 4% |
| Target months | 36 |
| Result | Value |
|---|---|
| Months to reach the goal | 45 months |
| Monthly saving for target date | $638 |
| Interest earned on the way | $2,539 |
How to read the result
Automate the monthly transfer on payday; it is the most reliable way to stay on track.
For goals within a few years, keep savings in low-risk accounts. Investment returns are not guaranteed over short periods.
Related calculators
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- Compound Interest Calculator: Calculate how savings or investments grow with compound interest and monthly contributions, with a year-by-year table.
- Retirement Calculator: Project retirement savings, compare them with the nest egg needed for your target income, and find the extra monthly saving required.
- FIRE Calculator: Calculate your FIRE number from annual expenses and withdrawal rate, your savings rate and the years until financial independence.
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Questions
Questions about this tool
The things clients actually want to know — costs, timelines, ownership and what happens after launch.
Enter the goal, what you have and the target date; the calculator gives the monthly amount including interest.
Over short periods, not much. Over many years, compounding can contribute a large share of the total.
Recalculate with your new balance and remaining months; the monthly amount will rise slightly.
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