How to use the savings Goal Calculator
- Enter the savings goal.
- Enter the already saved.
- Enter the time to reach goal (in years).
- Enter the interest rate (in % / yr).
- Choose the currency from the list.
- The result updates instantly as you type. There is no button to press.
- Use Copy result to copy the figures, or Copy link to share a link that reopens the savings Goal Calculator with the same inputs.
How it works
A goal becomes manageable once it turns into a monthly number. This calculator works backwards from the amount you want and the date you want it by. It first lets your existing savings grow at the interest rate you enter, then finds the level monthly deposit that closes the remaining gap, with every deposit also earning interest until the deadline.
It suits any target: an emergency fund of three to six months' expenses, a house deposit, a car, a wedding, school fees or a holiday. Interest is compounded monthly, matching most savings accounts. If your account pays a variable rate, use a cautious figure so you are not caught short if rates fall.
The weekly figure helps if you are paid weekly or want to set up a small automatic transfer. Automating the deposit on payday is the single most effective habit for reaching a savings goal, because the money moves before it can be spent.
Formula
M is the monthly deposit, G the goal, PV what you have now, i the monthly rate (annual rate ÷ 12) and n the number of months. With a 0% rate, M = (G − PV) ÷ n.
Example
You want $20,000 in 3 years and already have $2,000 in an account paying 4%. Your $2,000 grows to about $2,254.54 on its own, leaving roughly $17,745 to cover. Spread over 36 months with interest, you need to save about $464.77 a month (about $107 a week). You deposit about $16,731.54 yourself and interest supplies the remaining $1,268.46.
Frequently asked questions
What if I can't afford the monthly amount?
Extend the deadline, lower the goal, or find a higher-interest account. Changing the time to reach the goal usually has the biggest effect on the monthly figure.
Should I include interest at all?
For goals under a year, interest makes little difference. Over several years it can cover a meaningful share. Set the rate to 0% for a cautious plan.
Does this account for tax on interest?
No. If interest on your savings is taxed, use an after-tax rate. For example, 4% taxed at 20% is effectively 3.2%.
Disclaimer: This calculator gives estimates for general information and education. It is not financial, tax or investment advice. Lenders, banks and tax authorities may round differently, charge fees or apply rules this tool does not model, so confirm figures with a qualified professional or your provider before making decisions.