Savings Goal Calculator
Find out how much to save each month to reach a savings goal by a target date.
Updated 20 Jun 2026 · Free · No sign-up
If you’ve already saved more than enough with growth alone, the monthly amount needed will show as $0.
Whether you’re saving for a house down payment, a wedding, a car, or an emergency fund, the key question is always the same: how much do I need to put aside each month to get there in time? This savings goal calculator answers it directly — tell it your target, what you’ve already saved, your timeline and expected return, and it works out the monthly amount required.
How it works
The calculator first grows whatever you’ve already saved forward to your target date, then figures out the monthly contribution needed to cover the remaining gap, accounting for any interest those contributions earn along the way. If your existing savings plus growth already exceed the goal, the required monthly amount is simply zero.
The formula
The required monthly deposit is PMT = (Goal − Current × (1 + i)N) × i ÷ ((1 + i)N − 1), where i is the monthly return (annual ÷ 12 ÷ 100) and N is the number of months. With a 0% return it simplifies to the remaining gap divided by the number of months — a plain, no-interest savings plan.
A worked example
Suppose you want $30,000 for a down payment in 5 years and already have $5,000, earning 4% a year in a high-yield savings account. You’d need to save about $390 a month. Of the final $30,000, roughly $2,500 comes from interest and the rest from your deposits. Want it sooner, in 3 years? The monthly figure rises to around $680 — the calculator makes that trade-off between time and monthly effort obvious.
Tips for reaching your goal
Keep goal money somewhere safe and accessible — a high-yield savings account suits short timelines better than the stock market, whose swings can hurt if you need the cash soon. Revisit the plan if your income changes, and celebrate milestones to stay motivated. Building an emergency fund first? See our guide on how to build an emergency fund. For long-term wealth, the compound interest calculator shows why time matters.
Frequently asked questions
How much should I save each month to reach my goal?
It depends on your target amount, what you've already saved, your timeline, and any return your savings earn. The calculator grows your existing savings forward, then computes the monthly contribution needed to close the gap by your target date — including interest earned on the way.
What return should I assume for a savings goal?
For short-term goals (a few years), a conservative figure like the rate on a high-yield savings account is sensible, since you don't want market swings risking money you'll need soon. Enter 0% for a plain no-interest plan. Longer goals can justify a higher assumed return, but with more risk.
What if I've already saved enough?
If your current savings, grown at your assumed return, already meet or exceed the goal by the target date, the required monthly contribution shows as $0 — you're on track without adding more, though saving extra builds a cushion.
How can I actually stick to the plan?
Automate it. Set up an automatic transfer of the required amount on payday so saving happens before you can spend the money. Treating it like a fixed bill rather than an afterthought is the most reliable way to hit a goal. This tool is for educational estimates only.