Savings goal calculator
Whether you're saving for a car, a deposit, a wedding, or a cushion, this tells you what it actually takes. Pick a deadline to see how much to set aside each month — or pick a monthly amount to see how long it'll take. It can factor in interest, too.
Assumes monthly contributions and monthly compounding when a return is entered. Set the return to 0 for a plain savings plan.
How to use this calculator
Enter your goal amount and anything you've already saved. Then choose what you know. If you have a deadline, enter the number of months and the calculator tells you the monthly amount required. If you have a fixed monthly amount you can spare, enter that instead and it tells you how long the goal will take. The optional annual return lets you account for interest in a high-yield savings account or similar; leave it at zero for a straightforward plan.
How it works
With no interest, the math is simple subtraction and division: the amount left to save divided by the months (or by your monthly contribution). When you add a return, each contribution also earns interest over time, so it takes a little less to reach the goal. To find the monthly amount needed by a deadline, the calculator uses the future-value-of-contributions formula and solves for the payment:
Here i is the monthly return (annual ÷ 12 ÷ 100) and n is the number of months. To find the time required from a monthly amount, it rearranges the same relationship and solves for n.
A worked example
Say you want $10,000, already have $2,000, and give yourself 24 months. With no interest you'd need ($10,000 − $2,000) ÷ 24 = $333 a month. Add a 4% return and the requirement drops to about $314 a month, because your balance earns a little along the way. Flip it around — commit $300 a month at 4% — and you'd reach the goal in roughly 25 months.
Frequently asked questions
Should I include an interest rate?
If your savings sit in a high-yield savings account, money-market, or similar, entering its annual percentage yield gives a more accurate plan. If the money will sit somewhere earning nothing, leave it at zero. For volatile investments, remember the return isn't guaranteed, so be conservative.
What if I can't manage the monthly amount?
Switch to "I have a monthly amount," enter what you can realistically spare, and see the honest timeline. A longer timeline you actually stick to beats an aggressive one you abandon. You can also lower the goal or extend the deadline.
Is this good for an emergency fund?
It works for any savings target. For an emergency fund specifically, our emergency fund calculator first helps you set the right target from your essential expenses, then this tool can map the path to it.