Home / Savings Goal Calculator

Savings Goal Calculator

Work out how much you need to put away each month to reach a savings goal, such as an emergency fund, a house deposit or a holiday, by your target date.

How it works

The calculator first grows any money you have already saved at your interest rate until the target date. The rest of the goal is covered by equal monthly deposits, using the future value of an annuity: deposit = remaining × r ÷ ((1 + r)^n − 1), where r is the monthly rate and n the number of months.

Worked example

To reach $20,000 in 3 years with $2,000 already saved in an account paying 4%, you need to save about $465 a month, or roughly $107 a week. You deposit about $18,750 in total and earn about $1,250 in interest.

Common savings goals

• Emergency fund: 3 to 6 months of essential expenses.
• House deposit: often 5% to 20% of the home price, plus closing costs.
• New car: a 20% down payment keeps the loan smaller.
• Wedding or big holiday: set the date first, then work back.

Tips to hit your goal

• Automate the transfer on payday so the money is saved before you can spend it.
• Keep short-term savings in a high-yield savings account, not in the stock market.
• Put windfalls such as tax refunds and bonuses straight into the goal.

Frequently asked questions

How much should I save each month?

A popular guide is the 50/30/20 rule: 50% of take-home pay for needs, 30% for wants and 20% for savings and debt payments.

What interest rate should I use?

Use the rate your savings account pays. High-yield savings accounts often pay more than standard bank accounts.

What if I already have enough?

If your current savings will grow to the goal on their own, the calculator shows that no monthly saving is needed.

Can I see weekly amounts?

Yes. The weekly figure is shown under the monthly result.

More calculators

Standard CalculatorScientific CalculatorPercentage CalculatorFractions CalculatorLoan CalculatorMortgage CalculatorCompound Interest CalculatorSalary CalculatorAuto Loan CalculatorCredit Card Payoff CalculatorRetirement CalculatorROI CalculatorInflation CalculatorSimple Interest CalculatorSales Tax CalculatorTip CalculatorDiscount CalculatorBMI CalculatorCalorie CalculatorAge CalculatorTemperature ConverterUnit ConverterTile CalculatorLove Calculator