Planning to a target
Whether it is an emergency fund, a down payment or a trip, a goal is easier to reach with a fixed monthly amount. This calculator starts from what you already have, lets it grow at your expected rate, and spreads the rest over equal monthly deposits that also earn interest.
Worked example
You want $50,000 in 10 years, have $5,000 saved and expect 5% a year. Your $5,000 grows to about $8,235 on its own, leaving $41,765 to build. Depositing $268.96 a month gets you there: $32,275 of deposits plus $12,725 of interest.
Tips
- Automate it: set the transfer for payday so the money moves before you can spend it.
- Be conservative: high-yield savings accounts pay a variable APY; for stock investments, use a lower rate than recent returns.
- Think in today's money: for a goal 10 years away, raise the target by expected inflation, or use a real (after-inflation) rate.
- Short deadlines leave little time for interest, so the deposit is close to goal ÷ months.
How this works
Your current savings are grown at the monthly rate (annual rate ÷ 12) for the number of months until the deadline. The gap between that and the goal is divided into equal end-of-month deposits with the sinking-fund formula, gap × r ÷ ((1 + r)^months − 1). Interest earned is the goal minus what you had and what you deposited. If your savings already reach the goal, the deposit is zero.
Frequently asked
How much should I save each month?
Enough to reach your goal by the date; the calculator shows the exact amount once you enter the goal, current savings, rate and years.
What rate should I use?
The APY of your savings account, or a conservative long-run return for investments.
What if I already have enough?
If your current savings grow past the goal on their own, the monthly amount is zero.
Does this account for inflation?
No. Increase the goal by expected inflation, or use an after-inflation rate.
Sources
Reviewed Oct 17, 2026 · test vectors fixtures/calculators/finance/savings-goal-calculator/