Savings Goal Calculator
Find out exactly how much to save each month to reach a target amount by a set date.
Content updated July 1, 2026
Big goals — a house deposit, a wedding, a dream trip, an emergency fund — feel more achievable when you know the exact monthly number. This calculator works backwards from your target: tell it how much you need and by when, and it tells you how much to put aside each month.
It also factors in any amount you've already saved and the interest your savings earn along the way, so the monthly figure is realistic rather than a rough guess.
The Savings Goal formula
PMT = (Goal − P × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1)PMT = required monthly saving · Goal = target amount · P = amount already saved · r = monthly interest rate (annual rate ÷ 12, as a decimal) · n = number of months until the deadline. The middle term grows your existing savings; the rest spreads the remaining gap.
Worked example
To reach $20,000 in 4 years with $2,000 already saved at 4% a year: r = 0.04/12 ≈ 0.00333 and n = 48. Your $2,000 grows to about $2,346, leaving roughly $17,654 to fund, which needs about $340 a month.
How the monthly saving is calculated
The calculator grows your existing savings at the interest rate you enter, then works out the additional monthly contribution needed so that, with compounding, the total reaches your goal by the target date. If your current savings alone will already exceed the goal, the required monthly amount is zero.
A higher interest rate means the money you save earns more on the way, so you need to contribute a little less each month to hit the same target.
Making the goal stick
Automate it. Set up a standing transfer into a separate savings account on payday so the money moves before you can spend it.
Revisit the number if your timeline or target changes. Stretching the deadline even a few months noticeably lowers the monthly amount, which can make a tight goal manageable.
Frequently asked questions
▶How much should I save each month?
Enough to reach your goal by your deadline — this calculator gives you that exact figure based on your target, timeframe, current savings, and interest rate.
▶What interest rate should I use?
Use the rate on the account or investment where you'll keep the money. For a regular savings account that might be low; for longer-term goals invested in the market, people often assume a more conservative long-run figure.
▶How is the required monthly saving worked out?
The calculator grows any money you've already saved to the target date, subtracts it from your goal, then rearranges the future-value-of-an-annuity formula to find the monthly contribution that fills the gap with compounding included.
▶What if I've already saved some money?
Any existing savings are compounded at your interest rate up to the target date and count towards the goal, so you need to contribute less each month. If they'll already exceed the target on their own, the required monthly amount is zero.
▶Does a longer timeframe lower the monthly amount?
Yes, in two ways: the target is split across more months, and your money has more time to earn interest. Even stretching the deadline by a few months can noticeably reduce what you need to set aside.
▶Where should I keep money for a short-term goal?
For a goal within a few years, a savings account or a low-risk option protects the balance — market investments can fall right when you need the cash. For goals many years away, people often accept more risk for higher expected returns.
Learn more
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Open calculator →Disclaimer: Savings Goal Calculator results are estimates for general information and education only, and are not financial, tax, legal or medical advice. Verify important decisions with a qualified professional.