Savings Goal Calculator
Plan toward a savings target. Enter your goal, what you've saved already, your timeline, and an expected return to see the monthly contribution you need.
Example: with Savings goal $20,000 · Already saved $2,000 · Months to goal 24 months · Annual return 4% → Save per month: $714.98.
- Total you contribute$19,160
- Interest earned$840
Computed by the calculator below using its default values. Change any input to see your own numbers.
Balance toward goal
🏦 Open a high-yield savings account
Check it outMake the goal concrete
Turning a big target into a monthly number makes it achievable. Interest does some of the work, especially over longer timelines, so a higher expected return lowers the amount you must contribute. If the monthly figure is too high, extend the timeline or trim the goal.
How it’s calculated
Goal mode: required monthly = (goal − future value of current savings) ÷ the annuity factor for your timeline and return. Growth mode: ending balance = (current savings compounded monthly for your timeline) + (monthly deposits compounded via the same annuity factor); if deposits are made at the start of each month, that factor is multiplied by (1 + monthly rate) for the extra period of compounding. Interest earned = ending balance − total contributions (current savings + deposits).
Results update as you type and are estimates, not professional advice — verify important decisions with a qualified professional.
Common mistakes
- Assuming an unrealistic return for a short-term goal.
- Forgetting the interest your current savings earn.
Frequently asked questions
What return should I assume?
For short-term goals, use a conservative figure close to a high-yield savings rate. Longer horizons can justify higher, riskier assumptions.
What if I've already saved some?
Enter it under 'already saved' — it grows with interest and reduces what you need to add.
Is interest guaranteed?
No. Savings accounts are stable; investment returns vary and can be negative in any given year.
What does "growth of regular deposits" mode do?
Instead of solving for the monthly amount needed to hit a goal, this mode projects your ending balance from a starting amount plus regular monthly deposits — useful when you already know how much you can save and want to see where it lands.
Does deposit timing matter?
Slightly. Depositing at the start of the month gives each contribution one extra period of compounding versus the end of the month, so start-of-month deposits produce a marginally higher ending balance at the same rate.