Savings Goal Calculator

Plan how to reach a savings target. Choose between two modes: find out how long it takes to reach your goal with a fixed monthly contribution, or find out how much you need to save per month to hit your goal by a specific date.

Savings Goal Formulas
Time to goal (with interest): n = log(1 + R×r/M) / log(1 + r) Required monthly saving: M = R×r / [(1+r)^n − 1] R = remaining amount r = monthly rate n = months M = monthly contribution

With zero interest the formula simplifies to n = R ÷ M. Even a small interest rate (e.g. a high-yield savings account at 4–5% annual) meaningfully reduces both the time needed and the required monthly contribution over longer savings periods.

How to use
How long? mode

Enter your goal, any existing savings, an interest rate, and your planned monthly contribution. The calculator tells you how many months (and years) until you reach the target.

How much/month? mode

Enter your goal and a target timeframe in months. The calculator tells you the required monthly savings amount, and how much of the final balance will be interest vs contributions.

Interest rate

Enter 0 if you're saving in cash with no interest. For a high-yield savings account use the current rate. For investments, a long-term average of 7–8% is often used as a benchmark.

Tips
  • •For a house deposit goal of $50,000, try the 'how much/month' mode with a 24 or 36 month target.
  • •Even a small interest rate meaningfully reduces the required monthly contribution over long periods.
  • •The Compound Interest calculator gives a richer view of long-term investment growth.