🎯 Savings Goal Calculator
Have a target in mind — a house deposit, a wedding, an emergency fund? Find the exact monthly amount that gets you there on time, including any interest your savings earn.
Working backwards from a goal
Most saving advice starts with "put away what you can." This flips it: you name the target and the date, and the math tells you the monthly amount required. It accounts for your current balance and the interest it earns along the way, so you're not saving a dollar more than you need to.
Where to keep goal money
For a goal within a few years, safety matters more than return — you don't want a market dip right before you need the cash. A high-yield savings account, money-market account or short-term CD is usually the right home, and today those can pay meaningfully more than a regular checking account. For goals a decade or more away, investing (see the compound interest calculator) becomes reasonable because you have time to ride out the ups and downs.
Making the number stick
- Automate it. A standing transfer on payday to a separate, named account is the single most effective savings habit.
- Separate the account so the balance isn't "available" for everyday spending.
- Revisit yearly. Raises, windfalls and rate changes all move the required amount — re-run the numbers and adjust the transfer.
Frequently asked questions
How much do I need to save each month?
Enter your target, your current savings, the deadline and an interest rate. The calculator returns the exact monthly deposit needed, after crediting the interest your balance earns along the way, so you save no more than necessary.
Does it include interest on my savings?
Yes. It assumes your starting balance and each monthly deposit earn the annual rate you enter, compounded monthly. Set the rate to 0 to see the pure 'stuff cash under the mattress' amount.
What interest rate is realistic for short-term savings?
For money you'll need within a few years, a high-yield savings account, money-market account or short-term CD is typical. Rates move with the wider economy, so use a current figure from an account you'd actually open.
Should I invest my goal money instead?
For goals under about five years, safety usually beats reaching for returns — a market drop right before your deadline can be painful. For longer horizons, investing becomes more reasonable because there's time to recover.
These calculators provide general estimates for educational purposes and do not constitute financial, tax, or legal advice. Figures are approximate; verify with a qualified professional and your lender before making decisions.