Savings Goal Calculator — Monthly Savings Planner
Find out exactly how much you need to save each month to reach any financial goal. Enter your target amount, current savings, timeframe, and interest rate to get your monthly savings target.
How the Formula Works
Monthly Savings: Uses future value of annuity formula
PMT = (Goal − Current) × r ÷ ((1+r)^n − 1)
Where r = monthly rate, n = months
Example: Save $10,000 in 12 months at 4% APY with $1,000 already saved → ~$754/month needed.
Frequently Asked Questions
How much should I save each month?
The 50/30/20 rule suggests saving 20% of income. This calculator tells you the exact amount needed for a specific goal.
Does interest rate matter for savings goals?
Yes — even a 4% high-yield savings account meaningfully reduces how much you need to contribute monthly over longer timeframes.
What is a good savings goal timeline?
Emergency fund: 6–12 months. Vacation: 6–18 months. Down payment: 2–5 years. Retirement: 20–40 years.
Should I include existing savings?
Yes — enter your current savings balance so the calculator only targets the remaining gap, giving you a more accurate monthly figure.
What if I can't hit the monthly target?
Extend your timeline, reduce your goal, or find ways to increase income. Even saving 80% of the target gets you close.