Savings Goal Calculator

What is savings goal calculator?

Big goals feel easier when they are broken into a monthly amount. This calculator tells you what that amount is, taking into account what you have already saved and any interest earned.

Use it for an emergency fund, a car, a wedding, a deposit, a trip or education.

How to use the savings goal calculator

1. Enter the goal and your current savings.
2. Enter the interest rate and the number of years.
3. Read the monthly amount you need.

How the savings goal calculator works

Your current savings are grown at the monthly rate for the whole period. The remaining gap is divided by the future value of one monthly payment of 1, which equals ((1 + i) to the power n minus 1) divided by i.

Worked example

Common uses of the savings goal calculator

• Building an emergency fund.
• Saving for a house deposit.
• Planning a wedding or trip.
• Saving for education.
• Setting a yearly target.

Tips and common mistakes

Set up an automatic transfer on payday.

If the monthly amount is too high, lengthen the time or lower the goal.

Background: what to know before you rely on it

Goals with a number and a date are far more likely to be met than vague wishes. Working backwards from the target gives you a concrete monthly action. If you can earn interest, time does part of the work, but for short goals interest matters less than the habit of saving. Keep money for near term goals in safe, accessible places, and take more risk only for goals many years away. Review your plan once or twice a year.

Private, free and fast

This tool runs entirely in your browser. What you type or choose is not uploaded to a server and is not saved after you close the page, which keeps it fast and private. It is free to use as often as you like. See more in all finance calculators, or browse the full list of tools.

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Results are for information and education. For legal, financial, medical or security decisions, check with a qualified professional. Estimates only. Confirm with your lender or accountant.