Free savings goal calculator
Set your savings target, choose when you want to reach it, and calculate how much you need to save each month. Or enter what you can save now and see when you'll reach your goal.
The amount you need to save each month depends on four main factors: your savings target, how much you've already saved, how much time you have, and the return or APY your savings may earn.
A larger starting balance or a longer timeline generally reduces the amount you need to contribute each month. A shorter deadline means you'll need to save more aggressively.
Use the Savings Goal Calculator above to enter your own target and timeline instead of relying on a general savings rule.
The calculator treats APY as an optional planning assumption and does not promise that a savings account will maintain the selected rate.
Example: Save $20,000 in 3 Years
$20,000 goal - $2,000 already saved = $18,000 remaining
3 years x 12 months = 36 months
$18,000 / 36 = $500 per month
You would need to save $500 per month.
If your savings earn interest, the required contribution may be lower because part of your final balance could come from interest rather than contributions.
Goal: $15,000 - Current savings: $3,000 - Deadline: 24 months
The calculator determines how much you need to contribute regularly to reach your target on time.
Home down payments, vacations, weddings, large purchases and other goals with a deadline.
Goal: $15,000 - Current savings: $3,000 - Monthly savings: $400
The calculator estimates how long it could take to reach your target.
Flexible savings goals where you know what you can comfortably set aside each month.
Savings can earn interest, and that interest can become part of the balance that earns future interest. The effect generally grows with time. Short-term goals remain driven mainly by contributions, while longer timelines may receive more benefit from compounding.
APYs can change and future interest is not guaranteed.
Yes. Set APY to 0%. The required contribution becomes:
(Savings Goal - Current Savings) / Number of Contributions
For $12,000 remaining over 24 monthly contributions: $12,000 / 24 = $500 per month.
Useful if you budget and transfer money once per month.
Useful if you're paid every two weeks and want to save from each paycheck.
Useful for smaller, more frequent contributions.
Estimate how regular deposits could build a cash reserve for unexpected expenses.
Plan toward a target amount and a possible purchase timeline without assuming a specific mortgage.
Compare how a deadline or regular contribution changes the time needed to build a vehicle fund.
Turn a travel budget into a recurring savings amount before the planned departure.
Estimate contributions for a defined event budget and date.
Model a savings target while keeping changing tuition costs and investment risk outside the estimate.
Name another target and use the same transparent calculation model.
Goal: $25,000 - Current savings: $5,000 - Expected APY: 4%
$786 / month
Estimated interest: $1,136
$508 / month
Estimated interest: $1,712
$286 / month
Estimated interest: $2,850
Giving your savings more time to grow can reduce the amount you need to contribute each month.
Savings account rates can increase or decrease, so actual interest may differ from the estimate.
Deposit timing and account compounding practices can change the interest credited.
Skipping deposits, changing the amount, or withdrawing money changes the projected goal date.
Taxes, account fees, and your individual circumstances can affect actual returns.
MonetAdvice calculations are designed to help you compare savings scenarios and understand the potential effect of changing your contributions, timeline, or assumed APY.
They are educational estimates, not guarantees of future results or personalized financial advice.
Subtract your current savings from your target, then divide the remaining amount by the number of monthly contributions available. If you include an expected APY, estimated interest may reduce the required contribution. Use your actual target, starting balance, and timeline in the calculator for a tailored estimate.
Choose a target amount and deadline, subtract what you have already saved, and divide the remaining amount by the months available. This calculator uses the same projection engine for both required-contribution and goal-date estimates.
The timeline depends on your target, current savings, recurring contribution, contribution frequency, and assumed APY. Select Calculate My Goal Date to project forward until your estimated balance reaches the target.
Yes. Set Expected APY to 0%. The required contribution then reduces to the remaining amount divided by the number of contributions.
Use the frequency that matches how you actually transfer money. Monthly works well for monthly budgets, biweekly can align with every-two-week paychecks, and weekly supports smaller, more frequent deposits.
Under the calculator's assumptions, a higher APY can increase estimated interest and reduce the contribution needed to reach a fixed target. Actual APYs can change, so the result is not guaranteed.
Saving more regularly can move the estimated goal date earlier and may increase the amount that earns interest. The what-if comparison shows several contribution levels using the same assumptions.
Yes. Enter the amount you want available for a down payment, what you have already saved, and either a target date or a regular contribution. Consider keeping closing costs and other purchase expenses separate from the goal if they are not included in your target.
Yes. Set a target based on the amount you want available and use a contribution that fits your budget. The calculator estimates timing but does not determine how large your emergency fund should be.
No. MonetAdvice provides educational estimates for comparing savings scenarios. Results are not guarantees of future returns or personalized financial advice.
Use a debt calculator when repayment needs to come before or alongside your savings goal.
Managing multiple debts before building savings? Compare Snowball and Avalanche strategies and create a repayment plan.
Estimate how long it could take to repay one credit card using a fixed monthly payment.
See how changing minimum payments could affect your credit card payoff time and estimated interest.
Test how an additional monthly payment or lump sum could change one credit card payoff plan.
