Savings goal calculator
Work out how much to save each month to reach a target by a date you choose.
Other timelines
| Months | Monthly savings |
|---|---|
| 12 | $1,466 |
| 24 | $715 |
| 36 | $465 |
| 60 | $265 |
| 120 | $116 |
How it works
We solve for the monthly contribution that, with interest compounded monthly, grows your savings to the goal by the deadline. Longer timelines mean smaller monthly amounts.
Interest rates change. Treat the result as a planning estimate and revisit it each year.
Example
With the sample inputs shown above (Savings goal ($) = 20000; Already saved ($) = 2000; Savings APY (%) = 4; Months to reach goal = 36), the calculator returns: Save each month: $465 (For 3 yr ); You contribute: $16,732; Interest earned: $1,268.
Things to know
If the monthly amount feels too high, look at the other timelines in the table and pick a later date instead of lowering the goal. Automating the transfer on payday makes the plan more likely to succeed.