Savings Goal Calculator
Plan a savings goal two ways: how many months it takes at the amount you can put aside, or how much to save each month to reach it by a deadline. Interest is optional and shown separately.
Runs in your browser. Your data is not uploaded.How our tools work
Compounded monthly. Leave empty for no interest.
How do I work out how long a savings goal will take?
Subtract what you have already saved from your goal, then divide by what you can save each month. Saving for 12,000 with 2,000 already put aside leaves 10,000, which at 500 a month takes 20 months. To meet a deadline instead, divide the remaining amount by the number of months you have.
- Choose “How long will it take?” or “How much each month?”.
- Enter your goal and what you have already saved, then either your monthly deposit or the number of months until your deadline.
- Optionally add a yearly interest rate, compounded monthly. Read the months needed or the monthly amount, with the deposits and interest shown separately.
Formulas & Methods
Without interest: months
Example: (12,000 − 2,000) ÷ 500 = 20 months
Without interest: monthly amount
Example: 10,000 ÷ 20 = 500 a month
With interest: balance after m months
Example: 2,000 saved, 500 a month at 5%: 12,029.22 after 19 months
Key features
Two questions
How long a goal takes at the amount you can save, or how much to save each month to reach it by a date.
Interest only if you add it
No return is assumed. When you enter a rate, the interest earned is shown apart from your own deposits.
Never short
Months are rounded up, and a monthly amount is rounded up to the cent, so following the plan always reaches the goal.
How interest is counted
With a rate entered, the calculator assumes interest compounded monthly (the yearly rate divided by 12 each month) and deposits made at the end of each month, which is how many savings accounts work. A different compounding schedule, tax on interest or a changing rate will move the result a little. For a fixed sum left to grow, or other compounding frequencies, use the Compound Interest Calculator.
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Frequently Asked Questions
Why does adding interest change the answer so little?
Over a year or two, interest is small next to your own deposits. At 5%, saving 500 a month towards 12,000 with 2,000 saved takes 19 months instead of 20. Interest matters much more over longer periods.
What if I can’t save the same amount every month?
Use your average monthly amount for an estimate, then check again as you go. Entering what you have saved so far each time keeps the plan up to date.
Is this financial advice?
No. It is arithmetic on the numbers you enter. Real accounts can have fees, tax on interest and variable rates, which the calculator doesn’t include.
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