How much should I save each month to reach my goal?

It depends on your goal amount, how much you already have, your time frame and the interest rate. This calculator solves for the monthly contribution that grows your current savings to the goal by your target date.

Does interest help me reach my savings goal faster?

Yes. Interest earned on your balance reduces how much you personally need to contribute. The higher the rate and the longer the time frame, the more interest does the work for you.

What interest rate should I use?

Use a realistic rate for where the money will sit — for example a high-yield savings account or money-market rate for short-term goals, which you can check with your bank. Use 0% if you want to ignore interest.

Is this savings goal calculator free?

Yes, it is completely free, needs no sign-up, and runs entirely in your browser — your numbers are never sent to a server.

Savings Goal Calculator

Find out how much to save each month to reach your goal by your target date — including interest.

How this savings goal calculator works

Tell it your goal, how much you've already saved, the interest rate you expect, and your time frame. The calculator works out the fixed monthly contribution that — together with interest — grows your current balance to the goal by your target date. It then simulates each month to show the year-by-year breakdown.

The formula

Reaching a future goal FV from a starting balance PV over n months at a monthly rate i requires a monthly contribution of:

PMT = (FV − PV·(1 + i)ⁿ) ÷ (((1 + i)ⁿ − 1) / i)

At a 0% rate this simplifies to (goal − already saved) ÷ number of months. If your current savings already grow past the goal on their own, the required contribution is $0.

Tips to reach your goal sooner

Keep the money in a high-yield savings account so interest does more of the work.
Automate the monthly transfer so you never skip a month.
Even a small head start (already saved) noticeably lowers the monthly amount.

Frequently asked questions

How much should I save each month to reach my goal?: It depends on your goal, current savings, time frame and rate — enter them above and the calculator gives the exact monthly amount.
Does interest help me reach my goal faster?: Yes — interest on your balance reduces how much you need to contribute yourself, especially over longer time frames.
What interest rate should I use?: A realistic rate for where the money sits (e.g. a high-yield savings account). Use 0% to ignore interest.
Is this calculator free?: Yes, free, no sign-up, and it runs entirely in your browser — your numbers never leave your device.

Related calculators

Once you've hit your goal, see how the money grows over time with the compound interest calculator or the investment return calculator. If you're saving for a house, the guide on how much to save for a down payment and the rent vs buy calculator can help.