Savings Goal Calculator

A savings goal works like a loan in reverse. Each deposit earns interest from the day it goes in, and the money you have already saved keeps growing too. The calculator finds the deposit that makes everything add up to your goal on the goal date, or counts the months until your savings get there.

The formula

rate per period = yearly rate ÷ deposits a year (when interest is added as often as you save)
what 1 a period grows to = ((1 + rate)^periods − 1) ÷ rate
savings so far grow to = saved × (1 + rate)^periods
deposit = (goal − savings so far grow to) ÷ what 1 a period grows to
deposits at the start of each period: divide the deposit by (1 + rate) as well

Worked example

You want $10,000 in 24 months and have $1,000 saved, at 4% a year with interest added monthly and money going in at the end of each month. The monthly rate is 4 ÷ 12 = 0.3333%, so (1.003333)²⁴ = 1.083143. Your $1,000 grows to $1,000 × 1.083143 = $1,083.14 on its own, which leaves $10,000 − $1,083.14 = $8,916.86 to find. One dollar a month for 24 months grows to (1.083143 − 1) ÷ 0.003333 = 24.9429, so you need $8,916.86 ÷ 24.9429 = $357.49 a month. You put in 24 × $357.49 = $8,579.78 and interest adds $420.22.

How long it takes

In "How long it takes", the calculator adds a month's interest and your deposit, one period at a time, until the balance reaches the goal. With $1,000 saved and $350 a month at 4%, you have $9,816.92 after 24 months and $10,195.86 after 25, so you get there in 25 months.

Other compounding and deposit frequencies

When interest is added at a different pace from your deposits (say daily interest, monthly deposits), the calculator turns the rate into a yearly yield first, then into the matching rate per deposit: (1 + yearly yield)^{1 ÷ deposits a year} − 1. 4% added daily is a yield of 4.0808% a year, or 0.3340% a month. If your bank quotes an APY or AER, choose "A yearly yield" and enter it as it is.

Several goals with priorities

Each goal gets its own deposit, worked out from its amount, what you've saved for it and its deadline. If you enter what you can save in total, the money goes to high-priority goals first (and the soonest within the same priority). A goal that is left short keeps whatever is spare, and when a goal is reached its share moves on. In the example goals with $600 a month, the emergency fund and holiday are fully covered, and the car still makes it in 34 months because it takes over their money once they're done.

Ways to reach your goal sooner

• Start now. Waiting six months means saving more each month to hit the same date; Advanced mode shows how much.
• Set up an automatic transfer on payday, so saving happens before spending.
• Raise the amount each year when your pay goes up, even by a few percent.
• Compare savings rates. Easy-access and fixed-term accounts often pay very different rates.
• Keep an emergency fund in an account you can reach quickly; long goals can use a fixed-term account.

Assumes the rate stays the same for the whole time and that you never miss or skip a deposit. Real accounts may differ slightly because of the day interest is paid, rounding, or changes to the rate. Tax on interest depends on where you live and any tax-free allowance; enter the rate you expect to pay. This is a planning tool, not financial advice. Checked on 10 October 2026.