Work out how much you need to save each month to reach a savings goal by a target date, including interest earned along the way, or how long it will take at your current pace.
How to plan a savings goal
- Name the goal and the amount: a car, a wedding, a down payment, a trip.
- Pick a date. A deadline turns a wish into a monthly number.
- Find the monthly amount with this calculator, then automate a transfer on payday.
How the calculator works
In "Monthly amount" mode it solves for the deposit that, with interest, grows your current savings to the goal by your date:
Monthly deposit = (Goal − Saved × (1 + r)n) × r ÷ ((1 + r)n − 1)
In "Time needed" mode it adds your monthly deposit and interest month by month until the goal is reached.
Worked example
You want $20,000 in 3 years and have $2,000 saved in an account paying 4.5%. You need to save about $460.44 a month. Without any interest it would be $500 a month, so interest saves you roughly $1,400 over the three years.
Where to keep goal savings
- Under 3 years: high-yield savings accounts or CDs, where the value does not fall.
- Longer goals: a mix that may include investments, accepting some ups and downs.
- Separate accounts for each goal make progress easy to see.
Frequently asked questions
What if I cannot afford the monthly amount?
Extend the deadline, lower the goal or look for money in your budget with the budget planner.
Should I save or pay off debt first?
Keep a small emergency fund, then pay off high-interest debt before saving for wants.
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Results are estimates for planning and education only. They are not financial, tax, legal or medical advice. Check important numbers with a qualified professional.