Savings Goal Calculator
Saving for a deposit, a holiday, or an emergency fund? Enter your target, how much you already have, and how many months you have, to see the monthly amount you need to put aside.
Note: This ignores interest earned while saving, so you may reach your goal slightly faster in an interest-bearing account.
How this calculator works
The calculator works out the gap between your goal and what you have already saved, then divides that gap by the number of months you have to reach it. The result is the flat monthly amount you need to set aside. It deliberately ignores any interest you might earn, which keeps it simple and means you are likely to hit your goal slightly early if your savings are earning a return.
Worked example
If you want $10,000, already have $2,000, and have 24 months, the gap is $8,000. Divided across 24 months, that is about $333 a month. Any interest earned along the way is a bonus that gets you there sooner.
Frequently asked questions
Does this account for interest earned?
No, to keep the target conservative. If your savings earn interest, you will reach your goal a little faster than the monthly figure suggests.
What if I can't save the monthly amount?
Either extend your deadline, which lowers the monthly figure, or reduce the goal. Adjust the inputs to find a plan that fits your budget.
Where should I keep the money?
For a goal within a few years, a high-interest savings account is usually sensible, since it earns a return without the short-term risk of investing.