Savings Goal Calculator

Set a target and a deadline — we'll tell you the monthly amount that gets you there, counting the interest you earn.

Quick answer

A savings goal calculator tells you how much to save each month to reach a target by a deadline, counting interest on your savings. Saving $10,000 in 12 months needs $833.33 a month at 0%, or about $818 at 4%. Automating the transfer on payday makes the plan far easier to follow.

$
$
%
yrs
Save each month
$464.77
Your deposits
$16,732
Interest earned
$1,268
Current savings grows to
$2,255
To reach $20,000 in 3 years, starting from $2,000 and earning 4% a year, set aside $464.77 per month. Your deposits total $16,732 and interest covers $1,268.

Key takeaways

  • Existing savings are grown to the deadline first.
  • The sinking-fund formula gives the exact deposit.
  • Short-term goals belong in safe, interest-earning accounts.
Sinking fund — Money set aside in regular deposits to reach a known future amount.

How the savings goal calculator works

First we grow what you have already saved to the deadline. The remaining gap must be filled by monthly deposits that also earn interest — the sinking-fund formula gives the exact deposit.

Formula

Monthly = (Goal − S(1 + i)^n) × i ÷ ((1 + i)^n − 1) i = rate ÷ 12, n = months, S = current savings

Standard formula. Further reading: Investor.gov (U.S. SEC) – Compound interest calculator

Worked example

Save $10,000 in 12 months at 0%: 10,000 ÷ 12 = $833.33 a month. With 4% interest you would need slightly less, about $818.

Change any number above and the plain-English explanation updates instantly with your own figures.

Frequently asked questions

Where should I keep a short-term savings goal?

A high-yield savings account, money market account or short-term CDs keep the money safe and earning interest.

What if I already have enough?

If your current savings will grow past the goal, the required monthly deposit is zero.

Should I invest for a 3-year goal?

Stocks can fall sharply in the short term. Money needed within ~5 years is usually kept in safer accounts.

How do I stay on track?

Automate a transfer on payday for the amount shown so saving happens before spending.

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Results are estimates for educational purposes and are not financial advice.

Written and reviewed by Muhammad Asif, founder of CalcPane · Formulas verified by automated tests · Updated