Savings Goal Calculator
Find the monthly contribution needed to reach a savings target, with interest working in your favor.
How this calculator works
Instead of guessing at a monthly savings number, this calculator works backward from your goal. It first projects what your current savings will grow to on their own by your target date, then figures out exactly how much you'd need to contribute each month — with that contribution also earning interest — to close the gap.
This matters because two people saving for the same $10,000 goal in the same time frame can need very different monthly contributions depending on how much they're starting with and what interest rate they're earning. Interest does a meaningful share of the work over longer time frames, which is why the chart breaks your goal into three pieces: the growth of what you already have, the raw amount you'll deposit, and the extra interest your contributions earn along the way.
Picking a realistic time frame
Shorter time frames mean higher monthly contributions but less risk — if you need the money in under two years, most planners recommend a high-yield savings account rather than anything volatile, since there's little time to recover from a downturn. Longer time frames let interest do more of the work, so it's worth checking whether stretching your deadline by even six months meaningfully lowers what you need to save monthly.
If you're saving specifically for unplanned expenses rather than a fixed goal, the Emergency Fund Calculator is a better fit. And once you know your monthly number, the Monthly Budget Calculator can show you where in your budget it fits.
Frequently asked questions
What if I don't earn any interest on my savings?
Set the interest rate to 0. The calculator will simply divide the remaining amount needed (goal minus current savings) evenly across your time frame, with no growth assumptions.
Should I use a high-yield savings account rate here?
Yes, for goals under a few years that's the most realistic and safest assumption. For longer-term goals some people use a blended or investment-style return, but that introduces risk and volatility this simple calculator doesn't model.
What's the difference between this and the Compound Interest calculator?
The Compound Interest Calculator projects forward from a contribution amount you choose. This calculator works in reverse — you tell it the goal, and it solves for the contribution.
Can I use this for a house down payment or a wedding fund?
Yes — this calculator works for any lump-sum goal with a fixed date, including a down payment, a wedding, a car, or a large purchase. For an ongoing safety-net goal rather than a one-time purchase, see the Emergency Fund Calculator instead.