Savings Goal Calculator
Set a target and see exactly how much you need to set aside each month to hit it. This calculator accounts for your starting balance and the interest your savings earn along the way.
How it works
This calculator works out the fixed monthly deposit needed to reach a savings target by a set date, while earning a given interest rate. First it grows your current savings to a future value using FV = PV*(1+r)^n, where r is the monthly rate and n is the number of months.
It then finds the remaining gap and applies the future value of an annuity formula in reverse: monthly = gap * r / ((1+r)^n - 1). This gives the regular contribution that, compounded monthly, fills the difference exactly by your deadline.
Tips
Automate your monthly contribution so saving happens before you can spend the money. Even a high-yield savings account or money market fund can meaningfully reduce the amount you need to set aside.
If the monthly figure feels too high, try extending your timeframe or trimming the goal. Small increases in your interest rate or starting balance also lower the required monthly amount.
FAQ
What interest rate should I use?
Use a realistic rate for where you'll keep the money. High-yield savings accounts in 2026 commonly pay 4-5%, while conservative investments may average 5-7%. Use a lower number to stay on the safe side.
What if my current savings already cover the goal?
If your existing balance grows to meet or exceed the goal on its own, the calculator shows a $0 monthly contribution—you're already on track without adding more.
Does this account for taxes or inflation?
No. The results are nominal figures before taxes and inflation. For long-term goals, consider raising your target to preserve purchasing power and account for any tax on interest earned.