Savings goal calculator

How many months it takes to reach your goal at the monthly amount you can save, and how much to save each month to reach it by a date you choose.

Months to reach your goal

54 months

4 years 6 months · you put in $16,200

Interest $1,911
36 months: save $464.77 a month

Saving $300.00 a month from $2,000.00 at 4% a year, you reach $20,000.00 in 54 months (4 years 6 months). You put in $16,200.00 and the interest adds $1,911.03, for $20,111.03.

If you need $20,000.00 in 36 months (3 years), you would have to save $464.77 a month: you put in $16,731.54 and the interest adds $1,268.46.

The interest rate is an assumption and can change, and interest may be taxed depending on the account. Savings in a regular account earn little, so the goal mostly depends on how much you put aside.
The saving is added at the end of each month. If you save at the start of the month, or save weekly, you get there slightly sooner.

How your goal is made up

What you have now$2,00010%
What you save$16,20081%
Interest$1,91110%

I’m not an accountant or a financial advisor. This is an estimate, for information only. Check with a professional before you decide.

Your numbers

example: change the numbers

Currency

This changes the symbol and the examples. It does not convert your numbers.

Your goal

The amount you want to have: a deposit, a trip, an emergency fund, a car.

What you have saved now

What is already in the account for this goal. Enter 0 if you are starting.

What you can save each month

The amount you can set aside every month for this goal.

Or: the deadline, in months

If you have a date in mind, the number of months until then. The calculator shows what you would need to save each month to be there on time.

Interest rate on your savings

The yearly interest your savings earn. The example is not today’s market rate: use your account’s rate, or 0 to ignore interest.

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Two ways to the goal

	Saving what you can	Saving for the deadline
Saving each month	$300.00	$464.77
Time to the goal	4 years 6 months	3 years
You put in	$16,200.00	$16,731.54
Interest earned	$1,911.03	$1,268.46

How it works

Each month your balance earns interest at the yearly rate divided by 12, and then your monthly saving is added. Repeat until the balance reaches your goal: the number of repetitions is the number of months.
To reach the goal by a deadline, work out what your current savings will have grown to by then, and divide the shortfall by the effect of saving each month with interest: shortfall ÷ ((1 + i)^n − 1) ÷ i, where i is the monthly rate and n the months.
Without interest the numbers are simple: the shortfall divided by the number of months.

Worked example

A goal of 20,000 with 2,000 saved, 300 a month at 4% a year: 54 months (4 years 6 months), with 16,200 put in and 1,911.03 of interest. To get there in 36 months you would need 464.77 a month.

Sources

Text checked on October 12, 2026

Good to know

The simplest way to reach a goal is to make the saving automatic: a standing transfer on payday, into a separate account, so you do not have to decide each month.
Interest helps, but at ordinary savings rates it helps little over a few years. What matters most is how much you set aside, and starting early.
For money you will need soon, such as a deposit in two years, keep it in a safe account. Investments can fall in value, and you may not have time to wait for them to recover.
If you also have a high-interest debt, paying it down may be a better use of the same money than saving at a low rate.
An emergency fund is the first goal for most people: a few months of essential spending, kept easy to reach.
This is an estimate with a constant rate. Your bank’s statements have the real figures.

Frequently asked questions

How long will it take to save my goal?

Divide what is missing by what you save each month, and add the effect of interest. With a goal of 20,000, 2,000 saved and 300 a month at 4%, it takes 54 months.

How much do I need to save each month to reach my goal?

It depends on the goal, what you already have, the deadline and the interest. To have 20,000 in 36 months starting with 2,000 at 4%, you need 464.77 a month.

Does interest make a big difference?

At typical savings rates, only a little over a few years. In the example, 1,911 of the 20,000 comes from interest in 54 months.

Should I save or pay off debt first?

If the debt costs more in interest than your savings earn, paying it down first usually saves more. Keep a small cushion for emergencies so a surprise bill does not go back on the card.

What if I cannot save that much?

Change the deadline or the goal. The calculator shows both: how long your amount takes and how much a deadline needs.