Savings Goal Calculator
Calculate how much you need to save each month to reach your savings goal by a target date.
How it works
This calculator figures out how much you need to save every month to hit a target amount by a specific date. It accounts for interest you earn along the way. The formula uses the future value of an annuity: monthly contribution = (Goal − FV of current savings) × r / ((1 + r)^n − 1), where r is the monthly interest rate and n is the number of months. If you have no interest rate, it simply divides the remaining gap by the number of months.
Example
Suppose you want to save $20,000 for a down payment in 24 months, you already have $3,000 set aside, and your savings account pays 4.5% annually. Your current savings will grow to roughly $3,281, leaving a gap of about $16,719. You would need to contribute approximately $710 per month to reach your $20,000 goal.
Frequently asked questions
What counts as a good interest rate for savings?
High-yield savings accounts in 2025 commonly offer 4%–5% APY. Traditional savings accounts at big banks often pay less than 1%. Using a high-yield account can meaningfully reduce how much you need to save each month.
How do I build an emergency fund?
Financial experts generally recommend saving 3–6 months of living expenses in an easily accessible account. Use this calculator with your monthly expenses multiplied by your target months to find out exactly how much to save per month.
Should I pay off debt or save first?
A common rule is to prioritize high-interest debt (above 6–7%) before investing or saving aggressively, since the interest cost of debt usually outweighs savings returns. However, always keep a small emergency fund even while paying off debt.
How can I reach my goal faster?
Automate monthly transfers to your savings account, cut discretionary spending, look for higher-yield accounts, or find ways to increase income. Even small increases in monthly contributions can shave months off your timeline.
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