Savings Goal Calculator
Find the monthly saving needed to reach a target by a deadline. Free savings goal calculator that factors in current savings and expected return.
About the Savings Goal Calculator
Whether you are saving for a house deposit, a car, a wedding or an emergency fund, this free savings goal calculator tells you how much to put aside each month to hit your target on time. Enter the goal, your current savings, the expected return and the deadline, and it works out the required monthly contribution.
It accounts for growth on both your existing savings and each future contribution. The existing balance grows at the rate you set, while the monthly deposits form an annuity; the calculator solves for the payment that closes the gap between the two and your goal by the deadline.
Anyone working towards a financial goal uses this to turn a vague intention into a concrete monthly number. Everything computes in your browser with no signup.
How to Use the Savings Goal Calculator
- 1Enter your savings goal (the target amount).
- 2Enter how much you have already saved.
- 3Enter the expected annual return and the number of months until your deadline.
- 4Read the monthly amount you need to save.
Frequently Asked Questions
How do I work out how much to save each month?
Subtract the future value of your current savings from the goal, then divide by the growth factor of a monthly annuity. For a 1,000,000 goal in 3 years with nothing saved and 6% return, you need about 25,400 per month. The calculator handles the maths.
Does the calculator account for interest on my savings?
Yes. Both your existing balance and every monthly contribution earn the return you enter, which reduces the amount you need to save compared with stuffing cash under a mattress. Set the return to 0 to see the no-growth figure.
What return rate should I assume for a savings goal?
For short goals (under 3 years) use a conservative figure like a fixed-deposit rate, since you cannot risk market swings so close to the deadline. For longer goals a diversified investment might justify a higher assumption. Being conservative means you are more likely to reach the goal.
What if I cannot afford the required monthly amount?
You have three levers: extend the deadline, lower the goal, or increase the assumed return by accepting more risk. Extending the timeline is usually the safest — even a few extra months noticeably reduces the monthly requirement.