Savings Goal Calculator
Find out exactly how much to set aside each month to reach your savings goal on time. Enter your target amount, current savings, timeframe, and interest rate.
Formula reviewed for accuracy. Our methodology & sources
Savings Goal Calculator
finance calculator
How It Works
This calculator works backward from your target instead of forward from your deposits. It first grows your existing savings to what they will be worth on your target date, subtracts that from your goal, then solves for the fixed monthly amount that fills the remaining gap once interest is factored in. Because growth covers part of the goal, the monthly figure it shows is lower than simply dividing the goal by the number of months.
Formula
Monthly = (Goal − FV of Current) × r / ((1+r)^n − 1)
Examples
$20K goal in 24 months, $2K saved, 4%
About $707 per month needed.
Frequently Asked Questions
How much should I save each month?
It depends on your goal and timeframe. This calculator works backward from your target: it accounts for your current savings and interest earned, then tells you the monthly amount needed.
How does interest help me reach my goal?
Interest means part of your goal is funded by growth rather than your own contributions, reducing how much you personally need to save each month.
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