Savings Goal Calculator
Find how much to save each month to reach your goal by a deadline, or how long your monthly savings will take.
Optional. Compounded monthly, deposits at the end of each month.
Save each month
for , reaching your goal around . Your current savings already get you there.
Time to reach your goal
Around .
Your deposits
Interest earned
Final balance
| Year | Deposits | Interest | Balance |
|---|---|---|---|
You won’t reach this goal within 100 years.
Raise the monthly deposit, or switch to “Monthly amount” to see what it takes to get there by a set date.
Enter your savings goal to see the monthly amount or the time it takes.
Need to find the money to save? Plan a 50/30/20 budget →
About the Savings Goal Calculator
The savings goal calculator works out how much you need to put aside each month to reach a target by a deadline. It can also work backwards from a monthly amount to tell you when you will get there. Add your current savings and an interest rate to see how much of the goal interest pays for.
How to use it
- 1 Choose whether you know the deadline or the amount you can save each month.
- 2 Enter your goal and what you have saved so far.
- 3 Enter the time to reach it, or your monthly deposit.
- 4 Add the yearly interest rate of your savings account, if it pays any, and read the year-by-year table.
Frequently asked questions
How do I work out how much to save each month?
Without interest, subtract what you have already saved from your goal and divide by the number of months. To save 12,000 in 2 years with 2,400 saved, that is 9,600 ÷ 24 = 400 a month. Interest lowers the amount, and this calculator includes it.
How is interest calculated?
Interest is compounded monthly at the yearly rate ÷ 12, and each deposit is made at the end of the month. Real accounts may compound daily or quarterly, so your bank’s figures can differ by a little.
Why is the monthly amount rounded up?
It is rounded up to the next cent so that your deposits never leave you a few cents short of the goal. That is why the final balance can be slightly over the target.
Does it include inflation or tax on interest?
No. If you are saving for something years away, raise the goal to allow for rising prices, and if your interest is taxed, enter the rate after tax.
What is a good savings goal to start with?
Many people start with an emergency fund of three to six months of essential costs. After that, common goals are a home deposit, a car, education, or a holiday. Saving a fixed amount on payday, before you spend, makes any goal easier to reach.
Related tools
Budget Planner
Split your income into needs, wants and savings
SIP Calculator
SIP, step-up SIP, lumpsum, goal and SWP returns for mutual funds
Expense Tracker
Log income and spending, private in your browser
Percentage Calculator
Calculate percentages
BMI Calculator
Calculate BMI
Date Calculator
Days between dates, add days, and working days with holidays