Savings Goal Calculator
How much to set aside each month to hit a target by a deadline.
Enter your values
ⓘ Live results
Results
- Save per month
- $693.27
- Per week
- $159.99
- Existing savings will grow to
- $2,707.86
- Interest earned along the way
- $861.53
Quick answer
The monthly saving needed is the goal minus the future value of your current balance, divided by the future-value factor of a monthly deposit.
How to use the Savings Goal Calculator
- 1Enter your target amount and what you already have.
- 2Set the number of months and any interest rate.
- 3Read the monthly amount required.
Worked example
Using the values the calculator loads with:
Inputs
- Savings goal20000 $
- Already saved2500 $
- Months to save24 months
- Annual interest4 %
Results
- Save per month$693.27
- Per week$159.99
- Existing savings will grow to$2,707.86
- Interest earned along the way$861.53
Frequently asked questions
Where should short-term savings sit?
A high-yield savings account or money market fund keeps the money liquid and protected while still earning interest.
What if I can't hit the monthly figure?
Extend the deadline or lower the goal — both reduce the monthly amount, and extending time usually helps more.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.