Savings Goal Calculator
What is a Savings Goal Calculator?
A savings goal calculator tells you how much you need to put aside each month to reach a target amount by a specific date. It factors in both your current savings and the interest your money earns along the way, so the answer is realistic rather than guesswork.
Enter your savings goal, what you have already saved, an expected annual interest rate, and how many years you have. The calculator works out the monthly deposit needed, your total deposits, and how much of the final amount comes from interest. You can use it for an emergency fund, a down payment, a vacation, or any major purchase.
Frequently Asked Questions
How much should I save each month?
A common rule is to save 10-20% of your income, but the right amount depends on your goal and timeline. This calculator works backward from your goal: it shows the exact monthly amount required, which you can then fit into your budget.
What interest rate should I use?
Use a conservative rate you can realistically earn. High-yield savings accounts and money market accounts typically pay 3-5%, while CDs lock in a fixed rate for a term. For money you need within a few years, savings accounts are safer than investments.
How accurate is this calculator?
It is exact for the assumptions you enter. Results assume deposits are made monthly and interest is compounded monthly at a constant rate. Real returns vary if rates change or you deposit irregular amounts, so treat the result as a solid planning figure.