You need to save each month
0.00
Enter a goal and a time period greater than zero. Amounts and the interest rate cannot be negative.
Good news: what you have already saved will reach this goal on its own within this time.
Total you put in
0.00Interest earned
0.00Estimates only. Deposits are made at the end of each month and interest is compounded monthly. Real rates change, and taxes and fees are not included.
How this savings goal calculator works
Enter how much you want to save, how much you already have, the yearly interest rate of your savings account and how long you have. The calculator tells you how much to set aside every month to get there.
The idea behind it
Your current savings grow with interest on their own. The calculator first works out how much they will be worth at the end of your time period, then finds the monthly deposit that closes the remaining gap. Each deposit also earns interest from the moment it is made, so you need to put in less than the plain division of your goal by the number of months.
Example
You want 20,000 in 3 years and already have 2,000. At 4% a year, you need to save about 464.77 per month. In total you put in about 18,732, and the remaining roughly 1,268 comes from interest. In another example, saving 10,000 in 2 years from zero needs about 400.92 per month at 4%, compared with 416.67 per month if your money earned no interest at all.
Tips for reaching your goal
- Automate it. Set up a transfer for the day after payday so the money moves before you can spend it.
- Use a separate account. Keeping your goal apart from everyday spending makes it harder to dip into.
- Look for a better rate. High-yield savings accounts often pay noticeably more than standard ones.
- Give yourself more time. Try a longer period above to see how much smaller the monthly amount becomes.
Frequently asked questions
What interest rate should I enter?
Use the yearly rate of the account where you keep your savings. If the money sits in a cash jar or a checking account that pays nothing, enter 0.
What if I cannot afford the monthly amount?
Lower the goal or extend the time period and see how the monthly amount changes. Saving a smaller amount for longer is often more realistic.
Does this include inflation?
No. If your goal is far in the future, prices may be higher by then, so consider setting a slightly larger goal.