Savings Goal Calculator
How much to set aside each month to hit a target by a deadline.
Reviewed by the Calculation Machine team · Updated 24 October 2026 · How we check our maths
Your values
ⓘ Live results
- Save per month
- $693.27
- Per week
- $159.99
- Existing savings will grow to
- $2,707.86
- Interest earned along the way
- $861.53
Quick answer
To find how much to save each month, subtract what your current savings will grow to from your goal, then divide by the future-value factor of a monthly deposit: PMT = (goal − current × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1), where r is the monthly rate. Reaching $20,000 in 24 months from $2,500 at 4% interest takes about $693 a month.
What the Savings Goal calculator does
This calculator works out the regular deposit needed to hit a savings target by a set date. It credits interest on the money you already have and on each new deposit, so the monthly figure is a little lower than simply dividing the gap by the number of months.
Use it for any fixed-date goal: an emergency fund, a house deposit, a car, a wedding or a vacation. It also works as a sinking fund planner for predictable bills that land once a year — insurance premiums, property tax, holiday spending — by setting the goal to the bill and the months to the time until it is due.
The calculation assumes deposits at the end of each month, a fixed interest rate compounded monthly, and no tax on the interest. Savings account rates change, so treat the interest as an estimate and rerun the numbers when your rate moves. To see how a lump sum grows without regular deposits, use the compound interest calculator.
The formula
PMT = (G − S × (1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1) (if r = 0: PMT = (G − S) ÷ n)
| Symbol | Meaning | Unit |
|---|---|---|
| PMT | Deposit needed at the end of each month | $ |
| G | Savings goal | $ |
| S | Amount already saved | $ |
| r | Monthly interest rate = annual rate ÷ 12 ÷ 100 | decimal |
| n | Number of monthly deposits | months |
This is the standard sinking-fund (future value of an ordinary annuity) formula found in any time-value-of-money textbook, with the future value of your starting balance deducted from the goal. The weekly figure is the monthly amount × 12 ÷ 52. It does not allow for inflation raising the cost of the goal, for variable rates, or for tax on interest.
Worked examples
Six-month emergency fund
A household with $3,000 essential monthly costs wants six months of cover ($18,000). It has $3,000 saved, wants to finish in 18 months, and earns 4.5% in a high-yield account.
Inputs
- Savings goal18000 $
- Already saved3000 $
- Months to save18 months
- Annual interest4.5 %
Result
- Save per month$795.84
- Per week$183.65
- Existing savings will grow to$3,209.09
- Interest earned along the way$674.96
About $796 a month, or roughly $184 a week, gets there. Interest does some of the work: 18 deposits of $796 total about $14,325, which is less than the $15,000 gap.
Vacation fund with no interest
Saving $4,500 for a trip in 10 months, starting from zero, in a checking account that pays nothing.
Inputs
- Savings goal4500 $
- Already saved0 $
- Months to save10 months
- Annual interest0 %
Result
- Save per month$450.00
- Per week$103.85
- Existing savings will grow to$0.00
- Interest earned along the way$0.00
With no interest the answer is simply $4,500 ÷ 10 = $450 a month. Over a short horizon interest makes little difference, so the deadline matters far more than the account.
House down payment over four years
A buyer wants $60,000 for a down payment and closing costs in 48 months, has $15,000 already, and assumes 4% interest.
Inputs
- Savings goal60000 $
- Already saved15000 $
- Months to save48 months
- Annual interest4 %
Result
- Save per month$816.06
- Per week$188.32
- Existing savings will grow to$17,597.98
- Interest earned along the way$5,829.24
About $816 a month is needed. The existing $15,000 grows to roughly $17,600 on its own, and total interest contributes close to $5,800 of the goal.
How big should an emergency fund be?
The usual guideline is three to six months of essential expenses — housing, utilities, groceries, insurance, transport and minimum debt payments, not total spending. Lean toward the upper end, or beyond, if you have one income, irregular or commission pay, dependants, or a job in a volatile industry.
To plan one here, multiply your essential monthly costs by the number of months of cover you want and enter that as the goal. A budget calculator helps you separate essential costs from discretionary ones first.
| Essential costs per month | 3 months | 6 months | 9 months |
|---|---|---|---|
| $2,000 | $6,000 | $12,000 | $18,000 |
| $3,000 | $9,000 | $18,000 | $27,000 |
| $4,000 | $12,000 | $24,000 | $36,000 |
| $5,000 | $15,000 | $30,000 | $45,000 |
Sinking funds for irregular bills
A sinking fund spreads a known future cost across the months before it is due, so it never hits one paycheck. Common examples are annual car insurance, property tax, holiday gifts, car registration and replacing a laptop or appliance.
Run each bill separately: set the goal to the bill, months to the time remaining, and the rate to what your savings account pays. Add the monthly results together to get one automatic transfer. When a bill is paid, restart that fund for the next cycle.
Finding your goal date instead of a monthly amount
If you already know what you can afford each month and want to know when you will reach the goal, try different values in the months box until the monthly figure matches your budget. As a rough check without interest, months needed = (goal − already saved) ÷ monthly saving. Interest at savings-account rates shortens that by only a month or two over most horizons under five years.
- Saving $500 a month toward a $10,000 goal from zero takes about 20 months.
- Doubling the deadline roughly halves the monthly amount; doubling the interest rate barely moves it.
How to use the Savings Goal Calculator
- 1Enter the total you want to have, including any taxes or fees on the purchase.
- 2Enter what you have already set aside for this goal (leave it at 0 if starting fresh).
- 3Enter the number of months until you need the money — for example, 18 for a goal a year and a half away.
- 4Enter the annual interest rate (APY) your savings account pays, or 0 for cash or checking.
- 5Read the monthly and weekly deposit, and set up an automatic transfer for that amount.
Frequently asked questions
How much do I need to save per month to save $10,000 in a year?
About $833 a month with no interest ($10,000 ÷ 12). At 4% interest it falls to roughly $818, because each deposit earns a little before the year ends.
Where should I keep money for a savings goal?
For goals under about five years, keep the money somewhere stable and easy to reach, such as a high-yield savings account, money market account or CDs timed to the deadline. Stock market investments can fall just when you need the cash.
Does the calculator include inflation?
No. If the goal's price is likely to rise, such as a car or tuition, increase the goal amount by the expected price increase before calculating. The inflation calculator can estimate that.
What if my existing savings already cover the goal?
The monthly figure shows $0. If your current balance, plus interest, reaches the goal by the deadline, you do not need to add more.
Is the interest earned taxable?
In the US, interest from savings accounts and CDs is generally taxable as ordinary income in the year it is paid. The calculator ignores tax, so your real interest will be slightly lower.
References
- An essential guide to building an emergency fund — Consumer Financial Protection Bureau
- Publication 550, Investment Income and Expenses — Internal Revenue Service
About this calculator
- Built and reviewed by the Calculation Machine team · How we build and test calculators
- Last reviewed: October 24, 2026
- Report an error