Savings Goal Calculator

How much to save each month, or how long your plan will take.

%
Annual, compounded monthly.
$652.03Save each month
$150.47Roughly per week
Total you deposit
$23,473.09
Interest earned
$1,526.91

652.03 a month for 36 months reaches 30000.

About the Savings Goal Calculator

Most savings goals fail for an arithmetic reason: nobody ever worked out the monthly number. This calculator turns a target and a deadline into the amount you need to put aside each month, taking account of what you have already saved and the interest it earns along the way. Flip the mode and it answers the other version of the question, how long your current savings rate will take.

Interest matters more than people expect over a three to five year horizon, but the deposit does the heavy lifting. On a 30,000 goal over three years, a 3 percent account contributes a little over 1,000 while your own deposits contribute the rest, so shop for a decent rate but do not wait for the perfect account before starting.

How to use the Savings Goal Calculator

  1. Choose whether you want the monthly amount or the time it will take.
  2. Enter the goal, what you have saved already and the interest rate on the account.
  3. Enter the deadline in months, or your planned monthly deposit, and read the answer.

Frequently asked questions

How much should I save for an emergency fund?

Three to six months of essential spending is the usual advice, held in an instant-access account. Work out your monthly essentials, multiply by three, and use that figure as the goal here.

Does the calculator assume interest is compounded monthly?

Yes. The annual rate is divided by twelve and applied each month, with deposits added at the end of the month, which matches how most savings accounts credit interest.

Should I save or pay off debt first?

Clear high-interest debt first: paying off a card at 22 percent is a guaranteed 22 percent return, far better than any savings account. Keep a small buffer while you do it.

What if I cannot afford the monthly amount?

Extend the deadline, lower the goal, or increase your starting balance. Switching to the time mode shows exactly how much longer a smaller deposit will take.