Money & finance

Savings Goal Calculator

Enter your goal, what you already have and the time frame. Find out how much to set aside each month (and each day) to get there.

Not sure how much you can save each month? Work it out from your income and bills with the shared expenses calculator.

Step by step

    How much should I save each month?

    To reach a savings goal by a date, divide what you still need by the number of months. If your savings earn interest (a high-yield savings account, for example), each deposit also grows, so you need a little less:

    Monthly deposit = (goal − current savings × (1 + i)ⁿ) · i / ((1 + i)ⁿ − 1)

    where i is the monthly interest rate (annual rate / 12) and n the number of months.

    Example · a $6,000 emergency fund in 18 months

    You already have $1,000. Without interest: (6,000 − 1,000) / 18 = $277.78 a month, about $9 a day. At 4% a year the existing $1,000 grows a bit and every deposit earns interest, so you need about $263 a month.

    How long will it take?

    Choose «How long it will take» and enter how much you can set aside each month. The calculator adds your deposits month by month, with interest if you set a rate, and tells you how many months it takes and the approximate date you will get there.

    Tips to reach your goal sooner

    • Automate it: schedule a transfer on payday so the money is saved before you can spend it.
    • Use a separate account for each goal, ideally one that pays interest.
    • Build an emergency fund first: 3 to 6 months of essential expenses protects your other goals.

    Frequently asked questions

    How much can I save each month?

    Work it out from your income and fixed bills with the shared expenses calculator, or plan your spending with the 50/30/20 budget.

    And for long-term investing?

    For goals of 10 years or more, use the compound interest calculator, which shows year-by-year growth and the effect of inflation.

    More money & finance tools

    Compound Interest Calculator

    Final balance, interest earned and growth year by year.

    Open

    Loan & Mortgage Calculator

    Monthly payment, total interest and amortization schedule.

    Open

    NPV and IRR Calculator

    Net present value, IRR and payback with discounted cash flows.

    Open

    50/30/20 Budget Calculator

    Split your income into needs, wants and savings.

    Open

    Split Expenses by Income Calculator

    Split shared bills 50/50 or by income and see what each person saves.

    Open