Savings Goal Calculator

Plan how much you need to save each month to hit a specific savings goal. Enter your target amount, time frame, starting balance and APY. The calculator shows the required monthly contribution, total you will deposit and interest earned.

Use this to map out an emergency fund, a house deposit, a vacation budget or any other savings target with a clear deadline.

Inputs
Total amount you want to have by the end of the period.
Your existing balance today. Set to 0 if you’re starting from scratch.
How long you have until the goal deadline.
%
Effective annual yield that already includes compounding.
Display only — math works for any currency.
Controls how amounts and percentages are shown.
Required monthly saving
—

Total contributions

—
Sum of your starting balance and all monthly deposits.

Interest earned

—
Growth from APY on top of your contributions.

Goal amount

—
Target you want to reach by the deadline.

Time to save

—
Saving period in years and months.

Savings goal summary

Enter a goal amount, time frame, starting balance and APY to see how much you need to save each month and how much of your final balance comes from your own deposits versus interest.

  • Goal amount: —
  • Current savings: —
  • Interest share of final goal: —

Contributions vs interest

Contributions — 100%
Interest — 0%
Projected balance over time
Projected savings path

How this savings goal calculator works

This tool solves the classic question: “How much do I need to save each month to hit my goal?” Instead of telling you the future value of a savings plan, it reverses the math to find the required monthly contribution.

You enter your target amount, current savings, time frame and APY (annual percentage yield). The calculator then treats your plan like a series of monthly deposits into an interest-bearing account and uses the future value of an annuity formula to solve for the monthly payment.

The math behind the scenes is roughly:

APY   = effective annual yield (decimal)
rₘ    = (1 + APY)^(1/12) − 1   (monthly rate)
N     = number of months in your time frame

Goal  = PV × (1 + rₘ)ᴺ + PMT × ((1 + rₘ)ᴺ − 1) / rₘ

PV    = current savings today
PMT   = monthly contribution (unknown)
Goal  = target amount you want to reach

Rearranging this equation to solve for PMT gives the monthly saving needed to reach your goal on time, assuming a constant APY and deposits at the end of each month.

Step-by-step example: saving for a house deposit

Imagine you want to build a $20,000 house deposit in five years:

  • Goal amount: $20,000
  • Current savings: $2,500
  • Time frame: 5 years (60 months)
  • APY: 4% on a high-yield savings account

Enter these numbers into the calculator. It will show the monthly amount you need to save (for example, a few hundred dollars per month), along with:

  • The total you will contribute yourself over the five years.
  • How much extra comes from interest and compounding.
  • The percentage of your final deposit that is “free growth”.

If the monthly requirement is too high, you can adjust the plan by giving yourself more time, increasing your starting balance or aiming for a slightly better APY.

Choosing a realistic APY for your goal

APY (annual percentage yield) is more useful than a simple “interest rate” because it already includes the effect of compounding throughout the year. That makes it easier to compare different savings products.

As a rule of thumb, you can start with the APY listed on your high-yield savings account or money market fund, then test:

  • A lower APY to model a conservative “what if rates fall?” scenario.
  • A higher APY if you might switch to a better-paying account later.

For long-term investment goals such as retirement, some people use historical stock market averages instead of savings APY. Just remember that returns on investments are not guaranteed.

Tips for planning your savings goal

  • Start with your ideal goal, then gradually adjust time frame and monthly saving until the plan feels realistic for your budget.
  • Try running the calculator with a lower APY to see how sensitive your goal is to interest rate changes.
  • If the required monthly saving is too high, consider moving the deadline, lowering the goal or combining savings with other sources (such as bonuses or gifts).
  • Revisit your plan regularly. If you get a pay rise or clear other debts, you can increase your monthly saving and hit your target sooner.

Frequently asked questions

Can I use this calculator if I’m starting from zero?

Yes. Set the current savings field to 0. The tool will assume you are starting from scratch and calculate the monthly amount needed to hit your goal.

What if my APY changes during the saving period?

In reality, interest rates move up and down. This calculator assumes a constant APY over your chosen time frame. You can rerun the numbers whenever your bank changes its rate to see how your plan is affected.

Is the required monthly amount guaranteed to reach my goal?

No. The result is a mathematical estimate based on your inputs. Missing payments, withdrawing money or earning a different APY will change the outcome. Use the monthly saving number as a planning target rather than a guarantee.

Does the calculator work with weekly or bi-weekly saving?

This version assumes monthly contributions, which works well for most people who budget around their monthly expenses. If you save weekly instead, you can convert the suggested monthly amount into a weekly figure by dividing by roughly 4.3.