Savings Goal Calculator
Find out how much to set aside each month to reach a savings goal by a target date.
Last updated
How it works
Enter your savings goal, anything you've already saved, and how many months you have to reach it. If you leave the interest rate at 0%, the calculator simply divides what's left to save (goal minus amount already saved) by the number of months, giving you a flat monthly contribution. If you add an expected annual interest rate, it switches to a sinking-fund formula: it first projects what your existing savings will grow to on their own by the deadline, then solves for the level monthly contribution needed so that your contributions plus all the compounding interest, on both the existing balance and each new deposit, exactly reach your goal by the target month.
For example, with a $10,000 goal, $1,000 already saved, 24 months to reach it, and a 4% annual interest rate, the calculator works out that your $1,000 will grow on its own, so you only need to contribute $357.49 a month. Over 24 months that's $8,579.78 contributed out of your own pocket, with the remaining $420.22 coming from interest. Without any interest rate entered, the same goal would need a flat $375 a month, since none of the growth would be doing part of the work for you.
The interest rate field assumes one constant rate applied every month for the entire timeframe, compounding monthly, which is a reasonable approximation for a stable high-yield savings account but won't be exact if your bank's rate changes, since savings account APYs are variable and adjust with broader interest rate conditions. This calculator also doesn't subtract taxes on interest earned, and it assumes you contribute the same amount every single month with no skipped or irregular deposits.
Frequently asked questions
Does this account for interest on my savings?
Yes, if you enter an annual interest rate, the calculator factors in monthly compounding when working out how much you need to contribute, on both your existing balance and every new contribution you make. Leaving the rate at 0% simply divides the remaining amount evenly across your timeframe with no growth assumed.
What if I already have some money saved?
Enter it under "Amount Already Saved" and the calculator accounts for the fact that it will keep growing on its own if you've entered an interest rate, reducing the monthly contribution needed from your own pocket to close the remaining gap by your target date.
What interest rate should I enter?
Use the annual percentage yield (APY) listed for the savings account or account type where you'll actually keep the money. High-yield online savings accounts often advertise their current APY directly, and using that figure gives a more realistic monthly contribution estimate than leaving the rate at 0%.
Does the calculator account for taxes on the interest I earn?
No, the "Interest Earned" figure shown is the gross amount before taxes. Interest income from a regular savings account is generally taxable, so if you want a more conservative estimate, you can lower the interest rate you enter to roughly approximate the after-tax return.
What happens if my bank's interest rate changes partway through my savings plan?
This calculator assumes one fixed rate for the entire timeframe, so if your actual rate rises or falls, your real progress will differ slightly from the projection. It's worth rerunning the calculator periodically with your account's current rate to keep the monthly contribution target accurate.
What if I can't contribute the same amount every month?
The monthly figure here assumes equal contributions every month for the full timeframe. If you save more in some months and less in others, you're still on track as long as your running total keeps pace with what the calculator projects for that point in your timeline.
Why is "Total You'll Contribute" less than my full goal amount?
Because the difference is made up by whatever you've already saved plus the interest earned along the way. The calculator is showing you specifically how much new money needs to come from you, not the full goal amount, since your existing savings and any compounding interest are already doing part of the work.
Want to track progress toward your goal on paper too? The Clever Fox Budget Planner is a well-reviewed monthly bill tracker built for exactly that.
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