Savings Goal Calculator
Find how much to save each month to reach your financial goal — or how long it will take with a fixed monthly deposit. Supports compound interest and existing savings.
All calculations happen in your browser. No data is sent anywhere.
How Much to Save Each Month?
How Long to Reach My Goal?
How It Works
Future Value of Savings
The calculator uses compound interest compounded monthly. The future value of your savings combines growth on existing savings (PV × (1 + r)^n) and the accumulated monthly deposits (PMT × [(1+r)^n − 1] / r), where r is the monthly rate and n is months. To find how much to save or how long it takes, the formula is rearranged algebraically.
The Power of Starting Early
Compound interest rewards patience. Saving $300/month for 10 years at 6% yields about $49,000 — but the same $300/month for 20 years grows to over $139,000. Starting 10 years later to save the same total ($72,000) gives you far less, because the longer compounding window creates far more growth than the extra principal alone.
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Open calculator →FAQ
How much do I need to save each month?
This depends on your goal, time horizon, and interest rate. The required monthly deposit is calculated as PMT = (FV − PV × (1+r)^n) × r / ((1+r)^n − 1), where FV is your goal, PV is existing savings, r is the monthly interest rate, and n is months. Enter your values above and the calculator solves it instantly.
How does compound interest help savings?
Compound interest means you earn interest on both your principal and accumulated interest. Over time, this accelerates growth significantly. Even a modest 5% annual rate turns $300/month into ~$49,000 after 10 years and ~$139,000 after 20 years. The longer your horizon, the greater the compounding effect.
What interest rate should I use?
Use the expected annual return of your savings account or investment. High-yield savings accounts in 2024–2025 offer roughly 4–5%. Conservative investment portfolios might target 5–7%. Use 0% for a simple no-interest savings plan. The calculator computes monthly compounding by dividing the annual rate by 12.