Savings Goal Calculator
Turn a far-away target into a simple number: how much to set aside each month to get there.
Last updated: August 5, 2026
How to plan a savings goal
A savings goal turns a wish into a plan. Instead of wondering if you can afford a deposit, a holiday, or an emergency fund, you ask a cleaner question: at a given rate of return, how much do I set aside each month to reach the target by a date?
Two things work in your favour. The first is what you already have saved, which grows on its own. The second is compound interest on every new monthly contribution. The calculator works backwards from the goal to the monthly number that reaches it.
A rate of 0% shows the pure saving figure with no investment growth, which is the honest baseline for money held in a bank account that pays nothing.
The formula
- r — monthly rate (annual ÷ 12, as a decimal)
- n — number of months (years × 12)
Worked example
You want $20,000 in 5 years, have saved $1,000, and expect to earn 4% per year.
Monthly contribution ≈ $283 per month gets you there, with about $2,000 coming from interest.
To try, change the interest. If you only earn 2%, the monthly cost rises, because the target relies more on your own money than market growth.
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Frequently asked questions
Should I invest or keep it in savings?
It depends on the horizon and the need. Money you need soon (emergency fund, near-term deposit) belongs in safe, accessible savings. Money for a goal years away can absorb more investment risk in exchange for potential growth.
Is the interest rate guaranteed?
No, the calculator treats your rate as constant. Real rates move, and invested money fluctuates. Re-run the sum each year to adjust your monthly amount as reality unfolds.
I can't afford the monthly figure. What next?
Extend the years, lower the goal, or combine both. Slowing the timeline slightly makes a big monthly reduction, and gives compounded growth more time to help.
This calculator gives an estimate only and is not financial or investment advice. Assumed returns are not guaranteed.