Savings Goal Calculator
Plan for a deposit, an emergency fund or a big purchase: see the monthly saving needed for a deadline, or how long your current saving rate will take.
Result
Enter your values and select Calculate to see the result.
How to use this calculator
- Choose whether to find the monthly amount or the time needed.
- Enter your goal, what you have saved already, and an expected annual return (0 for cash in a jar).
- Enter either the number of years or your planned monthly deposit.
Formula
With monthly rate i = annual rate ÷ 12 and n months, deposits made at the end of each month:
payment = (goal − current × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1)
With no interest this is simply (goal − current) ÷ n.
Time needed with a fixed deposit: n = ln((goal × i + deposit) ÷ (current × i + deposit)) ÷ ln(1 + i), rounded up to whole months.
Worked example
10,000 in 5 years
Starting from nothing at a 5% annual return: save 147.05 a month. Deposits total 8,822.74 and growth adds 1,177.26. With no return you would need 166.67 a month.
How long with 250 a month?
Goal 10,000, already saved 1,000, 4% return: 34 months (2 years 10 months).
Assumptions and limitations
- Assumes a constant return compounded monthly; real investment returns vary and can be negative.
- Taxes, fees and inflation are not included.
Frequently asked questions
What return should I assume?
Use your savings account rate for cash. For investments, a cautious long-term assumption is safer than recent performance.
Does it matter when in the month I save?
Slightly. Saving at the start of each month earns one extra month of interest per deposit; this calculator assumes the end of the month to be conservative.