Savings Goal Calculator

How long or how much to hit a target.

Savings goal$Already saved$Monthly deposit$Annual interest rate%

Time to reach it	3 yr 6 mo($400/month)
Still to go	$18,000
To hit it in 2 years	$715/month
To hit it in 5 years	$300/month
Projected balance at goal	$20,301

Results update instantly and are computed entirely in your browser. For general information only — not financial, investment, tax or professional advice.

About the savings goal calculator

Saving for a goal is a small algebra problem: you know the destination and the distance, and you want to pick a sensible speed. This calculator answers both directions at once. Feed it a monthly amount and it tells you the arrival date; feed it a deadline and it tells you the monthly amount you need.

The honest news is that the deadline is usually the harder constraint. Most goals — a house deposit, a wedding, a car — come with a rough date attached, so the real question is whether the required monthly figure fits your budget. If it does not, you have three levers: push the date back, lower the goal, or find interest to help. Only the last is free, and it is the smallest.

Interest earns its keep over longer horizons. On a two-year goal, returns are a rounding error and you should not chase them. On a ten-year goal, a modest rate can carry a meaningful share of the weight, which is why money already earmarked for the long term should sit somewhere it can grow rather than in a jar.

A practical trick is to treat the monthly deposit like a bill. Automation removes the monthly negotiation with yourself, which is where most savings plans quietly die. Pair it with a single named account so progress is visible — seeing a balance climb is the most reliable motivation there is.

This tool gives planning estimates only. It assumes a steady return, which real accounts never deliver, and it ignores fees and taxes. It is not financial advice.

This calculator returns estimates for general information only. It is not financial, investment, tax or legal advice, and it cannot replace guidance from a qualified professional who knows your circumstances. Figures such as loan payments, investment growth and retirement projections are simplified models based on the inputs and assumptions you provide, not guarantees of future results.

Common questions

How do I work out the monthly amount I need to save?

Divide the gap between your target and what you already have by the number of months, then reduce it slightly to account for interest earned along the way. This calculator does that properly by solving for the contribution that reaches your target, so you do not have to add interest by hand.

What if the required monthly amount is more than I can afford?

Then either the target, the deadline or both has to move. Stretching the timeline by a few months often cuts the monthly figure dramatically, because interest has longer to work. Alternatively, lower the target and top it up later — a goal you can actually meet beats an ambitious one you abandon.

Where should money for a short-term goal be kept?

For anything needed within about three years, the priority is safety rather than growth, because a market fall just before you need the money would force you to sell at a loss. A high-yield savings account or a short-term deposit is the usual home for a deposit, a car fund or a holiday fund.