Savings Goal Calculator
Saving for a laptop, a holiday, a house deposit or a quiet month with no clients? Enter your goal and deadline to see exactly how much to put aside each month.
How this calculator works
With r = yearly return ÷ 12 and n = number of months:
- If r = 0: monthly saving = (goal − current savings) ÷ n
- Otherwise: monthly saving = (goal − current × (1 + r)n) × r ÷ ((1 + r)n − 1)
Total contributions = monthly saving × n. Interest earned = goal − current savings − contributions.
Worked example
You want 12,000 in 12 months, starting from zero, in an account paying 0%.
- Monthly saving = 12,000 ÷ 12 = 1,000
If the account paid 6% a year instead, saving 1,000 a month would grow to about 12,335.56, so the same goal needs slightly less each month.
Frequently asked questions
What return should I use?
For short goals (under 3 years) use your savings account rate or 0%. Investments can return more over long periods but can also fall in the short term.
Is the interest compounded monthly?
Yes. The calculator assumes the yearly rate is split evenly across 12 months and deposits are made at the end of each month.
What if I already have more than my goal?
The calculator shows 0 per month, because your current savings (plus any growth) already cover the goal.
Does this include tax on interest?
No. If interest is taxed where you live, use a slightly lower return to be safe.
How do I save with irregular income?
Save a percentage of every payment you receive instead of a fixed amount, and top up in good months. Check you are still on track each month.
Related guides
Results are estimates for general education, not financial advice. Disclaimer.