Savings Goal Calculator

Works out how much you need to save each month to reach a target amount by a deadline, or when a fixed monthly deposit will get you there. Use it to plan savings for a trip, an emergency fund or a deposit on a home.

How to use

1. Enter the "Savings goal", the amount "Saved so far" and the "Annual interest rate"; enter 0 if the money earns no interest.
2. Under "Calculate", choose "Monthly amount needed" or "When I reach it".
3. For the monthly amount, choose "Months from now" or "Target date" under "Deadline as" and enter the deadline.
4. For the date, enter the "Monthly deposit". A progress bar and the "Month by month" table appear with the result.

How it works

• A deposit is assumed at the end of every month, with interest compounded monthly at the annual rate ÷ 12. Taxes on interest are not included.
• Monthly amount needed = (goal − saved × (1 + i)^n) × i ÷ ((1 + i)^n − 1), where i is the annual rate ÷ 12 and n is the number of months. With a rate of 0 it is (goal − saved) ÷ n.
• If the goal is not reached within 100 years (1,200 months), a message appears instead of a result. Your entries are saved in this browser.

Questions and answers

How much do I need to save each month to have 10,000 in 2 years?

Starting from nothing and without interest, 10,000 ÷ 24 = about 416.67 a month. With interest the monthly amount is a little lower.

How are months counted when I enter a target date?

The page counts the whole months from today to the target date. The target date must be at least one month from today.

Can interest alone reach the goal?

If the interest on what you have saved reaches the goal by the deadline, the monthly amount shows 0 and a message says so.

How much interest will I earn?

The result lists "Interest earned" for the whole period. The rate is your own assumption and taxes are not taken off, so the real figure can differ.