Savings Goal Calculator

Saving for a house deposit, a car, a wedding or an emergency fund? Enter your target, what you have saved so far, the interest you expect and your timeline to see the monthly deposit you need.

Estimates only. Not financial advice. Fees and taxes are not included.

How this calculator works

First the calculator grows your current savings at the interest rate for the whole period. The gap between that amount and your goal is what monthly deposits must cover. Here r is the annual rate divided by 12 and n is the number of months.

monthly deposit = (goal − saved × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1)

Interest rates change, so run the numbers again if your account’s rate moves.

Worked example

Using sample inputs for a $20,000 goal with $2,000 already saved, earning 4.5% over 5 years:

Monthly deposit needed$260.57

Money you put in$17,634.46

Interest earned$2,365.54

Common questions

Which interest rate should I enter?

Use the rate your savings account actually pays. If you are unsure, enter 0 for a simple, conservative answer.

How big should an emergency fund be?

A common guideline is three to six months of essential expenses, though the right amount depends on your job security and responsibilities.

What if I cannot afford the monthly amount?

Try a longer timeline, a lower goal, or a mix of both. The calculator makes it easy to test each option.

A savings goal calculator helps you plan how much money you need to save regularly to reach a financial target. Whether you’re saving for an emergency fund, vacation, new car, or down payment on a house, setting a clear savings goal can help you stay on track.

Enter your target savings amount, current savings, and the time available to reach your goal. The calculator can help you estimate how much you may need to save each month.

For example, if your goal is to save $12,000 in two years and you’re starting from zero, you would need to save approximately $500 per month, assuming no interest or investment returns.

You can adjust your savings target or timeline to explore different plans and find a monthly savings amount that fits your budget.

How to Use Our Savings Goal Calculator

To create a realistic savings plan, start by deciding how much money you want to save and when you want to reach your target.

For example, if you want to save $15,000 over 30 months and already have $3,000 saved, you would need to save approximately $400 per month, assuming no interest or additional earnings.

Saving consistently can make a big difference. Consider setting up automatic monthly transfers to a dedicated savings account to help you stay on track.

If your monthly savings target feels too high, you can extend your timeline or reduce your target amount to create a more manageable plan.

Want to explore how interest can grow your savings? Try our Compound Interest Calculator to estimate how your money may grow over time.

Want to learn more about saving money and building healthy financial habits? Visit MyMoney.gov, a U.S. government financial education website, for helpful information about saving, budgeting, and managing your money.