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Savings Goal Calculator

Set a savings goal and a timeline. See how much to put away each month, including interest.

Your numbers

$
$
%

Save each month

$333.81

Months
36
Interest helps by
$982.78

Results are estimates for planning. Check important figures with a qualified professional.

Quick answer

The Savings Goal Calculator shows how much to save each month to reach a goal by a date. How it works: Monthly = (goal − current savings grown) × r ÷ ((1 + r)^m − 1). For example, with savings goal of $15000, already saved of $2000, and years to reach it of 3, the save each month is $333.81.

How to use the Savings Goal Calculator

  1. Enter savings goal.
  2. Enter already saved.
  3. Enter years to reach it.
  4. Enter interest rate.
  5. Read save each month and the breakdown. Use Share to send the exact numbers, or Print to save a PDF.

How it's calculated

  • Monthly = (goal − current savings grown) × r ÷ ((1 + r)^m − 1)

Worked example

With savings goal of $15000, already saved of $2000, years to reach it of 3, and interest rate of 4 %:

Save each month: $333.81. Months: 36.

Questions people ask

What if I have no interest?

Set the rate to 0. The monthly amount becomes what's left to save divided by the number of months.