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Savings goal calculator

A goal without a monthly number is a wish. Get the number, then set it up as an automatic transfer.

Optional: see when you'd reach the goal with this amount

Save each month

You'll put in
Interest earned
With what you can save

My money plan

Next step: Money for goals many years away is often invested. See what a monthly amount can grow to: Compound interest calculator →

How to use the calculator

  1. Enter your Goal: the amount you need, such as a deposit, a car or a trip.
  2. Enter what you Already have saved for this goal.
  3. Set Months until you need it. Be honest; a goal pushed too close needs an amount you can't keep up.
  4. Enter the Interest per year your savings account pays. Leave it at 0 if you keep the money in a normal account.
  5. Read the monthly amount needed. Then try the other way round: set I can save per month to see when you'd reach the goal with what you can actually afford.

What it's good for

  • Turns a wish into a monthly number you can set up as an automatic transfer.
  • Works both ways: amount per month for a date, or a date for an amount per month.
  • Shows how little interest matters for short goals and how much the monthly habit does.

Where it falls short

  • Interest rates on savings change; the result uses one fixed rate.
  • Tax on interest isn't included.
  • It doesn't check whether the goal fits your budget. That's the household budget calculator's job.

How it's calculated

Formula. Monthly amount = (goal − start × (1 + r)n) × r ÷ ((1 + r)n − 1), with r = yearly interest ÷ 12 and n = months. At 0% it's (goal − start) ÷ n.

Worked example. To reach 6,000 in 18 months, starting with 500 in an account paying 2%, you need 300.42 a month.

Assumptions.

  • Interest is paid monthly and kept in the account.
  • Deposits arrive at the end of each month.
  • Tax on interest isn't included.

Formula checked 2026-10-23 and covered by automated tests. See the editorial policy and methodology.

Goals that actually get reached

Most savings goals fail for one of three reasons: the goal is vague ("save more"), the money sits in the everyday account where it slowly gets spent, or the monthly amount was chosen on an optimistic day. Fix all three: a specific amount and date, a separate account, and a monthly figure that still works in a bad month.

Short goals vs long goals

For goals within a few years, such as a car, a deposit or a wedding, the money should be safe and easy to reach: a savings account or term deposit. Interest helps a little; the monthly habit does almost all the work. For goals 10+ years away, like retirement, investing may make sense, and the compound interest calculator is the better tool.

Several goals at once

Give each goal its own pot (many banks offer named sub-accounts) and its own automatic transfer. Put them in your budget as fixed lines. If they don't all fit, push the less urgent date back rather than quietly under-saving for everything.

Questions

Should I save for a goal before my emergency fund is full?
Usually the cushion comes first, because without it the goal money gets used for emergencies anyway. A common compromise is a starter cushion of one month, then split new savings between the two.
Why does interest make so little difference here?
Over short periods there's little time for interest to compound. On 18 months at 2%, interest adds roughly 1–2% to what you put in.
What if I can't afford the monthly amount?
Move the date, lower the goal, or find the difference in your budget. Entering what you can afford shows the realistic date.

Sources · last checked

Formula: see "How it's calculated" above; tested against the worked example shown there.

Last reviewed

Education, not advice. I'm not a financial adviser and I don't know your situation. These tools show the maths behind common rules of thumb; check important decisions with a qualified professional. Full disclaimer.