Finance tool

Savings Goal Calculator

How much to save each month to reach a goal.

Free Runs in your browser

–Save each month
–Or each week
–Total you deposit
–Interest earned

About this tool

Savings Goal Calculator tells you the monthly amount needed to reach a target, such as a house deposit, a car or an emergency fund. It takes into account money you have already saved and the interest your savings earn.

How to use Savings Goal Calculator

  1. Enter your goal and what you have saved.
  2. Enter the time frame and interest rate.
  3. Read the amount to save each month or week.

Questions people ask

What formula does the savings goal calculator use?

First the current savings grow: S × (1 + i)^n. The rest comes from monthly deposits: PMT = (Goal − S × (1 + i)^n) × i ÷ ((1 + i)^n − 1), where i is the yearly rate ÷ 12 and n the number of months. With 0% interest, PMT = remaining ÷ n.

How do I convert a monthly amount to weekly?

Multiply by 12 and divide by 52. A 500 monthly target is about 115.38 a week.

How big should an emergency fund be?

A common guideline is 3 to 6 months of essential expenses. Keep it in an easy-access savings account rather than investments that can fall in value.

More finance tools

See all 16 →
Discount CalculatorSale price, savings and stacked discounts. Tip CalculatorTip amount and split the bill between people. ROI CalculatorReturn on investment and annualised return. Inflation CalculatorFuture cost and buying power at any inflation rate. Profit Margin CalculatorMargin, markup, profit from any two values. Salary ConverterHourly to yearly salary and every period between.
Esc