Savings goal calculator
Enter your savings goal, what you already have and the interest rate and this savings goal calculator shows the monthly amount you need. Or enter what you can save each month and see how long it takes to reach your goal.
Source: U.S. SEC, Investor.gov – Savings Goal Calculator (accessed 2026-09-27). Updated: .
How it is calculated
How much should I save each month?
Without interest the answer is simple: monthly savings = (goal − current savings) ÷ number of months. To have 10,000 in one year you need 10,000 ÷ 12 = 833.34 a month (rounded up to the cent). Interest does part of the work, so the monthly amount drops – at 4% compounded monthly it is 818.17.
How to calculate your savings goal
- Choose whether to calculate the monthly amount you need or the time to reach your goal.
- Enter the savings goal and current savings, plus the time frame or the monthly amount.
- Set the interest rate or expected return, the compounding frequency and when you pay in.
- Read the result, your deposits, the interest earned and the year-by-year table.
Savings goal formula
With monthly compounding and deposits at the end of each month:
PMT = (FV − PV × (1 + i)n) × i ÷ ((1 + i)n − 1)
with goal FV, current savings PV, monthly rate i = annual rate ÷ 12 and n months.
Example: goal 20,000, current savings 2,000, 4% interest, 3 years. i = 0.003333, (1 + i)36 = 1.127272, so the 2,000 grows to 2,254.54 and 17,745.46 is missing. PMT = 17,745.46 × 0.003333 ÷ 0.127272 = 464.77 a month. After 3 years the balance is 20,000.21: 18,731.72 in deposits and 1,268.49 in interest.
In Excel or Google Sheets: =PMT(4%/12, 36, -2000, 20000) returns −464.77.
How long will it take to reach my savings goal?
Switch to “Time to reach the goal” and enter what you can save. With 2,000 to start, 500 a month and 4% interest, you reach 20,000 after 2 years and 10 months – 19,000 in deposits plus 1,208.75 in interest. The calculator steps through the months until the balance reaches the goal. In a spreadsheet: =NPER(4%/12, -500, -2000, 20000) gives 33.6, i.e. the goal is reached in month 34.
Monthly or annual compounding
Many high-yield savings accounts compound daily and credit interest monthly; some accounts and CDs credit interest only once a year. With annual crediting, deposits earn simple interest until the end of the year and compound from then on, so you need slightly more each month. The difference between daily and monthly compounding is tiny, which is why the calculator goes down to monthly.
What the calculator leaves out
The figures are before tax, fees and inflation, with a fixed interest rate. Returns from stocks or funds are not guaranteed – an assumed average return only gives a rough plan. If your goal should keep its purchasing power, raise the target by the inflation you expect.
Keep going: see growth without monthly deposits in the compound interest calculator, check future purchasing power with the inflation calculator and plan repayments with the loan calculator.
Frequently asked questions
How much do I need to save each month to reach my goal?
Subtract what you already have from your goal and divide by the number of months; interest lowers the amount. To go from 2,000 to 20,000 in 3 years at 4% you need 464.77 a month.
How long will it take to save 20,000?
It depends on your monthly amount. With 2,000 to start, 500 a month and 4% interest it takes 2 years and 10 months; without interest it takes 36 months.
Does the calculator work without interest?
Yes – enter 0% as the interest rate. The monthly amount is then simply the missing amount divided by the months, rounded up to the cent.
What interest rate should I use?
For a savings account or CD, use the rate offered (APY). For investments, use a cautious estimate of the average return – actual returns vary and are not guaranteed.
Why is the final balance slightly above my goal?
The monthly amount is rounded up to the next cent so the goal is always reached. In the time mode, the result is the first month in which the balance reaches the goal, usually with a little extra.
Does it work in pounds or euros?
Yes. The maths does not depend on the currency – enter amounts in your currency and read the results in the same unit.
Sources and legal basis
As of: · Editorial policy
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