Use this savings goal calculator to turn a big goal into a simple monthly number.
Tell it how much you want to save, how much you already have, the interest rate your savings earn, and your deadline. It works backward to find the amount you need to set aside each month, and shows how much of the goal will come from your deposits and how much from interest.
How to use this calculator
Savings goal. Enter the total amount you want to have by your deadline. Be specific: price out the down payment, car, trip, or emergency fund you’re saving for, and include taxes, fees, or a small cushion. If you’re building a safety net, see how much your emergency fund should be.
Current savings. Enter the amount you’ve already set aside for this goal. Use the balance in the account you’re saving in, and only count money you won’t use for something else.
Annual interest rate. Enter the yearly rate on the account where you’ll keep the money. Your bank’s website or app shows the current APY for your account. Savings rates can change at any time, so this is an estimate. If you keep the money somewhere that pays little or no interest, enter 0%.
Time to reach goal. Enter how many years you have until you need the money. You can use fractions: 1.5 for 18 months, or 0.5 for six months.
If you’re not sure what deadline to use, work backward from the date you’ll need the money and leave a month or two of buffer. For a goal without a firm date, such as an emergency fund, choose a timeline that feels challenging but realistic, then adjust it once you see the monthly amount it requires.
How it’s calculated
The calculator first works out how much your current savings will grow to by the deadline on their own. Whatever is left between that amount and your goal must come from monthly deposits, and it solves for the deposit that gets you there exactly.
r = annual rate ÷ 12 (as a decimal)
n = years × 12 (number of monthly deposits)
Current savings at deadline = current × (1 + r)^n
Amount still needed = goal − current savings at deadline
Monthly deposit = amount still needed × r ÷ ((1 + r)^n − 1)The last line is the future-value-of-deposits formula, solved for the deposit. At 0%, it becomes the amount still needed divided by the number of months.
The results assume:
- Interest compounds monthly at a steady rate.
- You make one deposit at the end of every month, without skipping.
- No withdrawals, fees, or taxes on interest.
If your current savings will grow past your goal without any help, the calculator tells you so and shows $0 a month.
In practice, your bank may compound daily and credit interest monthly, and rates on savings accounts can rise or fall while you save. Treat the result as a target to revisit every few months, not a fixed promise. If the rate drops, your monthly amount goes up slightly; if you get ahead, it goes down.
Example
The default inputs are a $20,000 goal, $2,000 already saved, a 4% annual rate, and 3 years.
| Result | Amount |
|---|---|
| Save each month | $464.77 for 36 months |
| Total you deposit | $18,732 |
| Interest earned | $1,268 |
Here’s how it fits together. At 4% compounded monthly, your $2,000 grows to about $2,254.54 in three years. That leaves $17,745.46 to come from monthly deposits, which works out to $464.77 a month. The total you deposit is your $2,000 plus 36 deposits of $464.77, or about $18,732. Interest covers the remaining $1,268.
For comparison, if your savings earned nothing, you’d need $500.00 a month to cover the $18,000 gap. If you gave yourself four years instead of three at 4%, the monthly amount drops to $339.76, and interest would contribute $1,692. A longer deadline lowers the monthly amount in two ways: the gap is spread over more months, and your money has more time to earn interest.
Here’s how each input moves the monthly number, starting from the defaults:
| Change | Save each month | Interest earned |
|---|---|---|
| Defaults (3 years, 4%, $2,000 saved) | $464.77 | $1,268 |
| Deadline of 2 years instead of 3 | $714.98 | $840 |
| Deadline of 4 years instead of 3 | $339.76 | $1,692 |
| $3,000 already saved instead of $2,000 | $435.24 | $1,331 |
| Rate of 2% instead of 4% | $482.23 | $640 |
| Rate of 0% | $500.00 | $0 |
Notice that the deadline has the biggest effect. Halving the interest rate raises the monthly amount by less than $20, while moving the deadline up a year raises it by about $250. For short-term goals, your time frame and your deposits do most of the work, and interest is a helpful bonus rather than the main engine.
Tips to save faster
- Automate it. Set up an automatic transfer for the monthly amount on the day after payday, so the money moves before you can spend it.
- Keep goal money separate. A dedicated account, or a labeled sub-account if your bank offers them, makes it easy to see progress and harder to dip into the fund by accident.
- Compare savings rates. A higher rate means interest does more of the work. Our guide to high-yield savings accounts explains what to look for, including deposit insurance.
- Put windfalls toward the goal. Tax refunds, bonuses, and cash gifts can shorten your timeline a lot. After a lump-sum deposit, update your current savings and rerun the calculator to see your new monthly number.
- Find room in your budget. Treat the monthly amount as a fixed bill. The budget calculator can help you see whether it fits within your savings bucket.
- Break big goals into milestones. Celebrate each 25% of the way. For a detailed plan, read how to save for a big purchase.
Related guides
- How to Save for a Big Purchase
- How Much Should Your Emergency Fund Be?
- High-Yield Savings Accounts, Explained
Frequently asked questions
Where should I keep money for a short-term goal?
For money you'll need within a few years, many people choose an insured savings account, money market account, or CD, so the balance won't drop right before you need it. Investments that can lose value are generally better suited to goals that are many years away.
What if I can't afford the monthly amount?
You have three levers. Extend the deadline, lower the goal, or start with a smaller amount and raise it as your budget allows. Rerun the calculator with each option to see which trade-off you prefer.
Can I save weekly or every paycheck instead of monthly?
Yes. Divide the monthly amount by the number of times you'll save each month, such as roughly in half if you're paid twice a month. Saving slightly more often usually earns a tiny bit more interest, so the monthly figure stays a safe target.
How do I handle more than one goal at a time?
Run the calculator once for each goal and add up the monthly amounts. If the total is too high, rank the goals by deadline and importance, and fund the most urgent one first.
This content is for educational purposes only and isn't financial advice. Calculator results are estimates based on the numbers you enter. For decisions about your situation, consider talking with a qualified professional. Read our full disclaimer.