What is the Savings Goal Calculator?
Find how much to save each month to reach a savings target by a set date.
Enter savings goal, already saved, interest rate per year and time to goal and the Savings Goal Calculator returns monthly saving needed and future value of current savings. Results update as you type, and nothing you enter leaves your device.
How it is calculated
Monthly saving = (Goal − Saved × (1 + i)^n) × i ÷ ((1 + i)^n − 1)
How to use it
- Enter savings goal.
- Enter already saved.
- Enter interest rate per year in %.
- Enter time to goal in years.
- Read monthly saving needed in the results panel. It updates as you type.
- Change any value to compare scenarios, or use Share to send the result as a link.
Worked example
Common questions
What formula does the Savings Goal Calculator use?
It uses: Monthly saving = (Goal − Saved × (1 + i)^n) × i ÷ ((1 + i)^n − 1).
What do I need to use the Savings Goal Calculator?
You need savings goal, already saved, interest rate per year and time to goal. Sensible starting values are filled in so you can see how it works straight away.
Is the Savings Goal Calculator free, and is my data stored?
It is free with no sign-up. The calculation runs in your browser, so the values you enter are not sent to or stored on our server.