Savings Goal Calculator
This savings goal calculator with monthly deposits shows when you will reach your target, or how much to save each month.
Formula & worked example
Formula: Balance each month = previous balance × (1 + annual rate ÷ 12) + deposit. Required deposit = (goal − start × g) × r ÷ (g − 1), with g = (1 + r)ⁿ.
Example: Save 100 a month at 0% interest for a 1,200 goal: 12 months. With 1,000 saved, a 10,000 goal in 36 months at 5% needs about 232 a month.
Method & source: Future value of an annuity with monthly compounding. See how we test our calculators.
Next step: try compound interest or loan repayment.
Reaching a Savings Target
This kind of tool shows how long it will take to reach a target amount, or how much you need to save each month to reach it by a certain date. It turns a vague wish like “save for a house deposit” into a concrete plan.
This savings goal calculator with monthly deposits also allows for interest, so the money you have already saved can grow while you keep adding to it.
Projecting Monthly Deposits Towards a Goal
Choose whether you know the monthly deposit or the target date, then fill in the amounts.
- Time to goal: Deposits and interest are added month by month until the goal is met.
- Required deposit: Enter a target date and get the monthly amount to reach it.
- Interest: Optional annual rate, compounded monthly.
- Target date: The calendar month you are expected to reach the goal.
- Progress projection: A chart of your balance against your goal line.
Leave the interest rate at zero for a plain saving plan or add your account’s rate to see the difference it makes.
Why a Savings Plan Matters
People who attach a number and a date to a goal are far more likely to reach it.
- Turn a big target into a manageable monthly amount.
- See how extra deposits shorten the timeline.
- Understand what interest adds over time.
- Plan for emergencies, holidays, weddings, cars and deposits.
- Stay motivated by watching progress on the chart.
Even small monthly deposits add up, and a projection shows exactly how far they will take you.
Worked walkthrough: a house deposit fund
You want 6,000 for a deposit, have 500 saved and can put away 200 a month in an account that pays no interest. After 27 months you would have 5,900, which is still short, so the goal is reached in month 28 with 6,100. Switching to “I have a target date” for 24 months ahead shows you would need 229.17 a month instead. With interest, the same plan finishes sooner: at 5% a year, 6,000 is reached in about 26 months. The chart shows your balance climbing against the dashed goal line, and the progress bar shows how much you already have.
Practical tips for Savings Goal calculations
- Use the target-date mode when a deadline is fixed, such as a holiday or wedding, and the monthly amount is what you need to find.
- Enter an interest rate only if your account really pays it. A cautious rate, or none, keeps the plan safe.
- Increasing the deposit by even a small amount can shorten the timeline by months – try a few values and compare.
- The tool assumes deposits at the end of each month. If you pay at the start of the month, you will finish very slightly sooner.
- Inflation is not included. For long goals, aim a little higher than the number you have in mind today.
Two questions, one plan
Savings plans usually start with one of two questions. Either you know what you can put aside each month and want to know when you will reach the target, or you have a deadline and need to know how much to save. The calculator answers both. To reach 12,000 in 24 months with no interest, you need 500 a month. At 3% interest the same goal needs about 485.77, because interest covers part of the gap.
What interest actually adds
Over short periods interest is a modest help; your own deposits do most of the work. Saving 350 a month towards 20,000 from a 2,000 starting balance takes 52 months with no interest. At 4% it takes 47 months, with about 1,665 of the final balance coming from interest. Only enter a rate your account actually pays, and remember that a headline rate may apply only to part of the balance or for a limited time.
Monthly saving and interest together: a 10,000 example
Suppose the goal is 10,000 in three years (36 monthly deposits), starting from nothing. The calculator’s target-date mode gives these monthly amounts at different interest rates, compounded monthly with each deposit added at the end of the month.
| Annual interest rate | Monthly deposit | Total deposited | Interest earned |
|---|---|---|---|
| 0% | 277.78 | 10,000.00 | 0.00 |
| 2% | 269.76 | 9,711.33 | 288.67 |
| 4% | 261.91 | 9,428.63 | 571.37 |
| 5% | 258.04 | 9,289.52 | 710.48 |
Interest trims the deposit, but most of the money still comes from you: even at 5% the deposits make up about 93% of the goal. Rates on savings accounts change, so use the rate your account pays today and rerun the plan when it moves.
How the projection is calculated
Each month the balance grows by the monthly equivalent of your annual rate, and then the deposit is added at the end of the month. That timing is slightly cautious, since a deposit made at the start of a month would earn a little more. The projection stops in the month the balance reaches the goal, so the final balance can exceed the target by part of a month’s deposit. Inflation and tax on interest are not included, which matters most for long goals.
Sizing common goals
An emergency fund is a popular first goal, and a rule of thumb often suggested is three to six months of essential spending. Other goals have their own shape: a holiday or car needs a single date, while a house deposit is a larger, longer plan. To see what a deposit means for monthly payments once you buy, try the mortgage calculator with different deposit percentages.
Keeping the plan on track
Small increases have a large effect on the finish date, so rerun the numbers whenever your income changes. If you also carry debt, compare the interest you would earn with the interest you pay: the loan repayment calculator shows what overpayments save. For long-term saving where growth matters more than the deadline, the compound interest calculator shows the year-by-year effect.
Frequently Asked Questions (FAQs)
Enter your goal, current savings and monthly deposit. The calculator adds deposits (and interest if you enter a rate) each month until the goal is reached, and shows the date.
Switch to “I have a target date”, enter the date and the calculator tells you the monthly deposit needed to reach the goal by then.
If your savings earn interest, enter the annual rate. The calculator compounds it monthly. Leave it at 0 if your money does not earn interest or you want a cautious estimate.
Deposits are assumed to be made at the end of each month, after that month’s interest is added.
No. Results are in today’s money terms without inflation or tax on interest, so treat them as a planning guide.
It depends on your deposit and interest rate. Saving 250 a month from nothing takes 40 months, or 3 years and 4 months, with no interest. At 4% a year, compounded monthly, it takes 38 months, and the balance reaches about 10,109.97, including 609.97 of interest. Enter your own goal, starting balance and deposit to see your date.
Enter your existing savings as the starting balance. They count towards the goal and earn interest, so the time to reach the goal shortens.
Estimates only – not financial advice. Results assume a constant interest rate, regular payments and no fees, taxes or inflation unless stated. Real accounts and loans differ, and past or assumed returns are not guaranteed. This tool is not financial or investment advice; check your own account or loan terms and speak to a qualified adviser. See our full disclaimer.