◎Free calculator

Savings goal calculator

Saving for a car, a deposit or an emergency fund? See how much to put aside each month – or how long it takes with the amount you can afford.

I want to know
Time to reach the goal
—
You pay in
Interest earned
Savings goal

Calculated instantly in your browser — nothing you enter is sent or stored.

Embed this calculator on your website

Free for blogs and websites: copy the code and paste it into your page (in WordPress, use a “Custom HTML” block). It works on phones and desktops, and the height adjusts automatically.

Preview

How to use the savings goal calculator

  1. Enter your savings goal and what you have already saved.
  2. Add the interest rate your savings account pays (use 0 if you keep the money in cash).
  3. Choose what you want to know: how much to save each month within a time frame, or how long it takes with a fixed monthly amount.

The formulas

With a monthly interest rate r = annual rate ÷ 12 and n months:

Monthly saving = (Goal − Start × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1)

Months = ln((Goal × r + saving) ÷ (Start × r + saving)) ÷ ln(1 + r)

Interest is added monthly and your deposits are made at the end of each month.

Worked examples

$20,000 in 5 years

You have $2,000 and your account pays 4% a year. To reach $20,000 in 5 years you need to save $264.83 a month. Without interest it would be $300 a month – interest does about $2,100 of the work.

How long with $300 a month?

With the same $2,000 start and 4% interest, saving $300 a month gets you to $20,000 in 4 years and 6 months.

Tips for reaching your goal faster

  • Automate it. Set up a standing order on payday so the money is saved before you can spend it.
  • Build an emergency fund first. Many advisers suggest three to six months of essential expenses.
  • Compare interest rates. High-yield savings accounts often pay several times more than a standard current account.
  • Put windfalls to work. Tax refunds, bonuses and gifts can shorten the time to your goal by months.

Interest rates change, and interest may be taxable. Results are estimates, not financial advice.

Frequently asked questions

How much should I save each month?
A popular rule of thumb is the 50/30/20 budget: 50% of take-home pay for needs, 30% for wants and 20% for savings and debt repayment. Use the calculator to see what your own goal requires.
Does interest really make a difference?
Over a few years it helps, over decades it makes a big difference. Saving $264.83 a month at 4% reaches $20,000 in 5 years, while at 0% you would need $300 a month.
What if I can’t save the full amount every month?
Switch to “How long it takes” and enter what you can afford. The calculator shows when you will reach your goal at that pace.

Last reviewed: November 13, 2026

Results are estimates for general information only and are not financial, tax, medical or legal advice. Check important figures with a qualified professional.