Savings Goal Calculator
Quick answer
A savings goal calculator works out the monthly amount needed to reach a target by a chosen date. Enter your goal, any amount already saved, the number of months you have, and an optional interest rate. It returns the required monthly contribution. Extending the timeline or earning interest lowers the monthly amount you need to set aside.
Save each month
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How the monthly figure is found
The calculator takes the gap between your goal and what you've already saved, then spreads it across the months you have. If you enter an interest rate, it accounts for the return your balance earns along the way, which lowers the contribution you need because your savings help carry the load. For a goal a year or two out, the interest effect is small; over many years, it grows.
When the number feels out of reach
If the required monthly amount is more than you can manage, you have three honest options: give yourself more time, trim the target, or find more to contribute. Lengthening the timeline is usually the gentlest lever, since it drops the monthly figure without giving up on the goal. Before stretching for a big savings target, though, make sure a basic emergency fund is in place, so an unexpected expense doesn't force you to raid the savings you're building.
Not sure how big a cushion to keep first? Use our emergency fund calculator.
Frequently asked questions
How much do I need to save each month to reach my goal?+
It depends on your target amount, what you've already saved, and your deadline. This calculator divides the remaining amount across the months you have, and factors in interest if your savings earn a return, to give a required monthly contribution.
Does interest on savings make a big difference?+
Over short periods, not much. Over several years, a decent savings rate can meaningfully reduce how much you need to contribute, because your earnings start contributing too. For near-term goals, focus on the contribution amount rather than the rate.
What if the required monthly amount is too high?+
You have three levers: extend the deadline, lower the target, or increase what you can contribute. Stretching the timeline is often the most realistic, since it reduces the monthly figure without changing the goal itself.