Enter your savings goal, initial investment, annual interest rate, and time to reach your goal — the Savings Goal Calculator tells you exactly how much you need to save each month. See the breakdown of your contributions versus interest earned, so you can build a realistic savings plan for any target.
Monthly Savings Required
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Total Contributions
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Interest Earned
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Projected Final Balance
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Enter your desired savings goal, any money you already have saved, how many years you have to save, and your expected interest rate. The calculator uses compound interest formulas to determine exactly how much you need to set aside each month to hit your target.
Compound interest means you earn interest not just on your original deposits but also on the interest already accumulated. Over time, this 'interest on interest' effect can significantly accelerate your savings growth — which is why starting earlier and choosing a higher compound frequency (like monthly or daily) can make a big difference.
Most savings accounts and high-yield savings accounts compound interest monthly or daily. Check with your bank or credit union to find out how often interest is applied. Monthly and daily compounding will generally yield slightly better results than annually or semiannually.
Enter your current savings in the 'Initial Investment' field. That amount will begin earning interest right away, which reduces how much you need to contribute each month to reach your goal. Even a small head start can meaningfully lower your required monthly savings.
Use the annual percentage yield (APY) offered by your savings account, money market account, or investment vehicle. High-yield savings accounts currently offer rates between 4% and 5%, while long-term investment accounts may average higher. Use a conservative estimate if you're unsure to avoid undersaving.
Yes — it works for any savings goal. Whether you're saving for a home down payment, a car, a vacation, college, or an emergency fund, simply enter your target amount and desired timeline to get a personalized monthly savings plan.
You have a few options: extend your timeline, lower your goal amount, increase your starting balance, or seek a higher interest rate account. Adjusting any of these variables in the calculator will instantly show you a new monthly savings figure that fits your budget.
No — the projected balance assumes a consistent monthly contribution and a fixed interest rate throughout the entire period. Actual returns may vary based on market conditions, rate changes, or missed contributions. This calculator is intended for planning purposes only.