Savings Goal Calculator
Find the monthly amount to save to reach a goal in a set number of months, allowing for current savings.
- Current savings after growth
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- Total deposits
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An estimate only, not financial advice. Returns are not guaranteed.
What is the Savings Goal Calculator?
This savings goal calculator tells you how much to set aside every month to reach a target amount within a number of months. It counts the growth on the savings you already have, applies the yearly return you enter and shows the monthly saving and total deposits needed.
How it works
Your current savings grow monthly at the yearly return divided by 1200. The shortfall is the goal minus that grown amount, never below zero. Each monthly saving is made at the start of the month and grows too, so the monthly saving equals the shortfall divided by ((1 + r)^n - 1) / r x (1 + r).
How to use it
- Enter the goal amount and the months you have.
- Enter the savings you already hold for this goal.
- Type the yearly return you expect, or zero for none.
- Read the monthly saving needed and the total deposits.
Savings Goal Calculator — FAQ
What return should I use for a short goal?
Short goals usually suit a cautious or zero return. Enter a figure you are comfortable with, because the tool does not suggest one.
What if my current savings already cover the goal?
The monthly saving shows zero, because the grown savings are enough to reach the target.
Are deposits made at the start or end of the month?
At the start. Depositing later in the month gives slightly less growth, so the needed amount could be a little higher.