Home / Finance / Savings Goal Calculator
Savings Goal Calculator
Find out how much to save each month to reach a goal — or how long it will take.
You need to save
How it works: interest is compounded monthly and each saving is added at the end of the month. With a 0% rate the answer is simply what’s left to save divided by the number of months. A high-yield savings account or a regular investment can shorten the time a lot on goals more than a couple of years away.
About the Savings Goal Calculator
The Savings Goal Calculator tells you how much to save each month to reach a goal by a date — or how long it will take at a monthly amount you choose — including interest on your savings. Use it for an emergency fund, a house deposit, a car, a wedding, a holiday or any target you want to hit on time.
How to use the Savings Goal Calculator
- Choose “How much per month?” or “How long will it take?”.
- Enter your goal, what you have saved so far and the annual interest rate.
- Enter the time you have, or your monthly saving.
- Read the monthly amount or the date you will reach the goal.
Frequently asked questions
How much should I save each month?
A common guideline is 20% of take-home pay, but the right amount depends on your goals. Work backwards from each goal and its deadline.
How big should an emergency fund be?
Three to six months of essential expenses is the usual advice, or more if your income is irregular.
Does interest make a big difference?
For short goals, only a little. Over several years, interest can noticeably reduce how much you need to put in each month.