Finance
Savings goal calculator
Know the target, not the monthly amount? Enter your goal, what you’ve saved, a rate, and a deadline, and this tool tells you how much to set aside each month to get there.
- Save each month
- $265
- Interest does the rest
- $2,110
Assumes interest compounds monthly and deposits are made at the end of each month. Estimates only.
Working backwards from a goal
Most saving advice starts with “put away what you can.” Planning backwards from a concrete target — a $20,000 emergency fund, a house deposit, a trip — is far more motivating, because every month has a clear job. The calculator turns the goal into a single number you can automate.
Why the monthly figure is lower than you’d guess
Because your balance earns interest along the way, you don’t have to deposit the full goal yourself. On longer time frames the interest can cover a meaningful slice of the target — the same compounding effect you can explore in the compound interest calculator.
Go deeper
Building a savings habit is as much about behaviour as arithmetic. The Finance subject covers budgeting, emergency funds, and automating the boring parts.
Frequently asked questions
- How much should I save each month to reach my goal?
- It depends on your target amount, what you’ve already saved, the interest rate, and your time frame. Enter those four numbers and the tool solves for the monthly deposit — accounting for the interest your growing balance earns, so the figure is usually lower than the goal divided by the number of months.
- Does this account for interest?
- Yes. Your existing savings and each new deposit are assumed to compound monthly at the rate you enter, so part of the goal is met by interest rather than deposits. The tool shows how much of the target the interest covers.
- What if my goal is very short-term?
- Over a few months, interest barely moves the number, so the required monthly amount is close to the remaining goal split evenly across the months. Compounding matters most over years, not weeks.
- Is it free?
- Yes — no sign-up, and everything is calculated in your browser.