Savings Goal Calculator
Find out how much to save each month to reach a goal by a deadline.
Your answer
Turn on JavaScript to use this calculator. The formula is explained below so you can work it out by hand.
How this calculator works
Without interest, divide what you still need by the number of months.
Monthly savings = (goal − already saved) ÷ months
If you add an interest rate, the calculator lets your current savings grow at that rate and uses the future-value-of-annuity formula to find the monthly deposit that closes the gap, assuming deposits at the end of each month.
Example
To save $5,000 in 12 months from zero, set aside $5,000 ÷ 12 = $416.67 a month, which is about $192.31 per biweekly paycheck.
Category: Personal Finance, Mindset