Reach your target on time. This free savings goal calculator works out how much you need to save each month — and shows the weekly equivalent and interest earned — to hit any goal by your deadline.
Results update automatically as you type. Assumes level monthly saving and a constant return.
Use this free savings goal calculator to find out how much to save each month to reach a target. Enter your goal, your timeframe and anything you’ve already saved to see your required monthly contribution.
A savings goal calculator works backward from your target. Tell it how much you want, by when, and what you’ve already saved, and it returns the monthly amount you need to set aside — plus the weekly equivalent, your total contributions and any interest earned along the way.
To save $20,000 in 3 years from scratch with no interest, you’d set aside about $556 a month. With a $2,000 head start earning 4%, that drops to around $465 a month — the existing balance and growth do part of the work for you.
| Term | What it means |
|---|---|
| Savings goal | The total amount you’re aiming to save. |
| Contribution | The amount you add each period. |
| Annual return | The interest or growth rate your savings earn. |
| Compound growth | Earnings that themselves earn more over time. |
Divide the remaining goal by the number of months, adjusting for interest. For $20,000 in 3 years with no return, that's about $556/month.
Existing savings reduce what you still need to contribute, especially if they earn interest over time.
Yes, if your money earns interest or investment returns. For cash savings, use a low or zero return assumption.
High-yield savings accounts or money market accounts are best for short-term goals; investing may suit long-term goals.
Automate savings, break targets into smaller weekly goals, and adjust when income or timelines change.
Yes, it's completely free with instant results.