Savings Goal Calculator

Have a financial goal in mind, like a down payment for a car, a vacation, or an emergency fund? This calculator helps you figure out exactly how much you need to save each month to reach your target on time.

From a high-yield savings account, for example.

Your Savings Plan

You need to save: $0.00 / month

Summary

Total You'll Save $0.00
Total Interest Earned $0.00

How It's Calculated

The Savings Goal Calculator helps you figure out how much you need to save each month in order to reach your desired savings target within a specific time frame. It uses the standard Future Value of an Annuity formula, solving for Payment (PMT), which represents your fixed monthly contribution.

The formula applied is:

PMT = (FV – PV × (1 + r)^n) × (r / ((1 + r)^n – 1))

Where:

  • FV = Future Value (your target savings goal)
  • PV = Present Value (your current savings balance)
  • r = monthly interest rate (annual interest ÷ 12)
  • n = total number of months until the goal
  • PMT = required monthly contribution

The calculator factors in both your existing savings and the compound interest earned on new contributions. This ensures that you don’t save more than necessary, since your money is also working for you through interest or investment growth.

By adjusting inputs like your goal amount, current savings, interest rate, and time horizon, you can instantly see how much you need to set aside monthly. This makes it easy to plan realistically for short-term goals like vacations or weddings, as well as long-term goals such as retirement or a home purchase.

The calculator also highlights the total contributions you will make versus the interest earned, giving you a complete picture of how compound growth accelerates your savings over time.