Finance · Savings

Savings Goal Calculator

Find out exactly how much to save each month to reach your goal on time, with interest factored in. Drag the sliders and every number updates instantly.

Savings goal$20,000

Amount already saved$2,000

Time to reach goal24 mo

Interest rate / APY4.0%

Required monthly contribution

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To hit your goal on schedule.

Goal amount

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Total you contribute

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Interest earned

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Growth on current savings

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What makes up your goal

How much should you save each month?

Flat illustration of a target with a gold coin landing in the center and an upward arrow — representing reaching a savings goal on schedule. — Interest does part of the work, so the required monthly deposit is less than goal ÷ months.

This calculator works backward from your goal. It takes the amount you've already saved, grows it by your interest rate over your timeframe, and then solves for the monthly deposit needed to cover the rest — using the future value of an annuity formula. Interest does part of the work, so the monthly amount is usually less than simply dividing the goal by the number of months.

Where to keep short-term savings

For goals within a few years — a car, a wedding, a house down payment — keep the money somewhere safe and liquid that still earns interest, like a high-yield savings account or money market account. Avoid the stock market for short timelines, since a downturn right before your goal date could set you back. The interest rate you enter should reflect a realistic, low-risk yield.

Tip: Automate the transfer for the day after payday. Money you never see in your checking account is money you never miss.

Frequently asked questions

How do I calculate how much to save monthly?

Take your goal, subtract what you already have (grown by interest), and divide the remainder across your months — adjusting for compounding. This tool does it automatically, including the interest your contributions earn along the way.

Does this account for interest?

Yes. It compounds both your existing balance and your monthly contributions at the APY you enter, so the required monthly deposit is lower than a simple goal-divided-by-months estimate.

What interest rate should I use?

Use a realistic rate for where you'll keep the money. High-yield savings accounts and money market accounts commonly pay a few percent. If you're unsure, a conservative estimate is safer than an optimistic one for short-term goals.

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Written & reviewed by Chase Bennett, President of CalcHeadquarters

Every calculator is built from published formulas and authoritative sources, then independently checked for accuracy before it goes live. Last updated July 2026. Read our editorial policy & methodology.