Savings Goal Calculator: Plan How to Reach Your Target

Have a savings target in mind? Our free Savings Goal Calculator tells you exactly how much you need to save each month (or week) to reach it, factoring in your starting balance, timeline, and expected interest rate.

How to Use the Calculator

Set your savings goal: The total amount you want to reach
Enter current savings: How much you already have saved
Choose a timeline: How many months until your target date (or use quick presets: 6 months, 1-5 years)
Set the interest rate: The annual rate on your savings account
Click Calculate: See monthly and weekly savings needed, plus interest earned

Understanding the Results

Monthly Savings Needed: The fixed amount to save each month to hit your goal on time
Weekly Savings Needed: The monthly amount divided by ~4.33 weeks
Interest Earned: How much your savings account will contribute through interest
Progress Bar: Shows how far your current savings have gotten you toward the goal

Common Use Cases

Emergency fund: Build 3-6 months of expenses over a set timeline
Down payment: Save for a home purchase
Vacation: Budget monthly savings for a trip
Major purchase: Save for a car, appliance, or equipment
Education: Build a college or training fund
Wedding: Save toward wedding costs over the engagement period

Tips

Even a modest interest rate reduces the amount you need to save from your income
Shorter timelines require larger monthly contributions — extend the timeline if the monthly amount feels too high
Automate your savings: set up automatic transfers for the calculated monthly amount
Review your progress quarterly and adjust if your income or goals change

Frequently Asked Questions

What interest rate should I use? Use the APY of your savings account. High-yield savings accounts currently offer 4-5%. Standard savings accounts offer much less.

Is the calculation exact? Yes, for consistent monthly contributions at a fixed rate. Real interest rates may fluctuate.

What if I can’t save the required monthly amount? Either extend the timeline, reduce the goal, or increase your starting savings.

Try our free Savings Goal Calculator to plan your savings strategy.