Money · Saving
Savings Goal Calculator
Saving for a trip, a car, an emergency fund or a down payment? See when you could get there, or what to set aside each month to hit your date.
Your result
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How it's calculated
Each month: balance = balance × (1 + r) + deposit
Deposit needed = (Goal − Start × (1 + r)n) × r ÷ ((1 + r)n − 1) r = yearly rate ÷ 12, n = months. Interest compounds monthly; deposits are made at the end of each month.
Deposit needed = (Goal − Start × (1 + r)n) × r ÷ ((1 + r)n − 1) r = yearly rate ÷ 12, n = months. Interest compounds monthly; deposits are made at the end of each month.
Worked example
Goal $10,000, starting with $1,000, saving $300 a month at 4%:
- It takes 29 months (just under 2½ years).
- To get there in 24 months instead, you'd need about $357 a month.
Common questions
How big should an emergency fund be?
A common guideline is 3 to 6 months of essential expenses. Try that amount as your goal above.
Is the interest taxed?
In many countries, including the U.S., interest from savings accounts is taxable income, so your after-tax growth may be a little lower.
For education only. Assumes a steady interest rate; savings rates can change at any time.