Savings Goal Calculator
This savings goal calculator with monthly deposits shows when you will reach your target, or how much to save each month.
Formula & worked example
Formula: Balance each month = previous balance × (1 + annual rate ÷ 12) + deposit. Required deposit = (goal − start × g) × r ÷ (g − 1), with g = (1 + r)ⁿ.
Example: Save 100 a month at 0% interest for a 1,200 goal: 12 months. With 1,000 saved, a 10,000 goal in 36 months at 5% needs about 232 a month.
Method & source: Future value of an annuity with monthly compounding. See how we test our calculators.
Next step: try compound interest or loan repayment.
What Is a Savings Goal Calculator?
This kind of tool shows how long it will take to reach a target amount, or how much you need to save each month to reach it by a certain date. It turns a vague wish like “save for a house deposit” into a concrete plan.
This savings goal calculator with monthly deposits also allows for interest, so the money you have already saved can grow while you keep adding to it.
How Our Savings Goal Calculator Works
Choose whether you know the monthly deposit or the target date, then fill in the amounts.
- Time to goal: Deposits and interest are added month by month until the goal is met.
- Required deposit: Enter a target date and get the monthly amount to reach it.
- Interest: Optional annual rate, compounded monthly.
- Target date: The calendar month you are expected to reach the goal.
- Progress projection: A chart of your balance against your goal line.
Leave the interest rate at zero for a plain saving plan or add your account’s rate to see the difference it makes.
Why a Savings Plan Matters
People who attach a number and a date to a goal are far more likely to reach it.
- Turn a big target into a manageable monthly amount.
- See how extra deposits shorten the timeline.
- Understand what interest adds over time.
- Plan for emergencies, holidays, weddings, cars and deposits.
- Stay motivated by watching progress on the chart.
Even small monthly deposits add up, and a projection shows exactly how far they will take you.
Worked walkthrough: a house deposit fund
You want 6,000 for a deposit, have 500 saved and can put away 200 a month in an account that pays no interest. After 27 months you would have 5,900, which is still short, so the goal is reached in month 28 with 6,100. Switching to “I have a target date” for 24 months ahead shows you would need 229.17 a month instead. With interest, the same plan finishes sooner: at 5% a year, 6,000 is reached in about 26 months. The chart shows your balance climbing against the dashed goal line, and the progress bar shows how much you already have.
Practical tips for savings goal calculations
- Use the target-date mode when a deadline is fixed, such as a holiday or wedding, and the monthly amount is what you need to find.
- Enter an interest rate only if your account really pays it. A cautious rate, or none, keeps the plan safe.
- Increasing the deposit by even a small amount can shorten the timeline by months – try a few values and compare.
- The tool assumes deposits at the end of each month. If you pay at the start of the month, you will finish very slightly sooner.
- Inflation is not included. For long goals, aim a little higher than the number you have in mind today.
Frequently Asked Questions (FAQs)
Enter your goal, current savings and monthly deposit. The calculator adds deposits (and interest if you enter a rate) each month until the goal is reached, and shows the date.
Switch to “I have a target date”, enter the date and the calculator tells you the monthly deposit needed to reach the goal by then.
If your savings earn interest, enter the annual rate. The calculator compounds it monthly. Leave it at 0 if your money does not earn interest or you want a cautious estimate.
Deposits are assumed to be made at the end of each month, after that month’s interest is added.
No. Results are in today’s money terms without inflation or tax on interest, so treat them as a planning guide.
Estimates only – not financial advice. Results assume a constant interest rate, regular payments and no fees, taxes or inflation unless stated. Real accounts and loans differ, and past or assumed returns are not guaranteed. This tool is not financial or investment advice; check your own account or loan terms and speak to a qualified adviser. See our full disclaimer.