Savings Goal Calculator: How Much to Save Each Month
Enter your goal, what you have saved and either a target date or a monthly amount. The savings goal calculator shows the monthly deposit you need, or how long it will take, including interest, with a month-by-month plan to download.
Listen to this article
Whether it is a down payment, a car, a wedding or an emergency fund, a goal with an amount and a date turns into one simple number: what you need to save each month. This savings goal calculator works it out, including the interest your savings earn, and also answers the opposite question: how long will it take at the amount you can afford?
Savings goal calculator
Deposits at the end of each month; interest compounds monthly at the monthly equivalent of the APY. Savings account rates are variable, so the result is a projection. Taxes on interest are not included.
Key takeaways
- To grow $1,000 into $10,000 in 24 months at 4% APY, save $357.80 a month; interest adds about $413.
- Saving $300 a month instead reaches the same goal in 29 months.
- For short goals, interest helps but your deposits do most of the work; time and the monthly amount matter most.
- Keep money for goals within five years in safe, liquid accounts rather than stocks.
How the calculation works
The calculator converts the APY into a monthly rate, i = (1 + APY)1/12 − 1, and assumes deposits at the end of each month. The monthly deposit needed to reach goal G in n months, starting from balance S, is:
Deposit = (G − S × (1 + i)n) × i ÷ ((1 + i)n − 1)
For the time mode, it adds your deposit and the month's interest until the balance reaches the goal. If your current savings already grow to the goal through interest alone, the required deposit is $0.
How time changes the monthly amount
Goal $10,000, starting balance $1,000, 4% APY:
| Time to goal | Monthly deposit | Total deposits | Interest earned |
|---|---|---|---|
| 12 months | $733.32 | $8,799.81 | $200.19 |
| 24 months | $357.80 | $8,587.21 | $412.79 |
| 36 months | $232.69 | $8,376.92 | $623.08 |
| 60 months | $132.72 | $7,963.26 | $1,036.74 |
Without interest, the 24-month goal would take $375 a month. At the FDIC's national average savings rate of 0.37%, you would earn almost nothing, which is why the account you choose matters for longer goals.
Where to keep money for a goal
| Time to goal | Good options |
|---|---|
| Under 1 year | High-yield savings or money market account |
| 1 to 5 years | High-yield savings, CD ladder, Treasury bills or I bonds (after a 12-month lockup) |
| More than 5 years | A diversified investment portfolio may fit, depending on your risk tolerance; see the compound interest calculator |
Savings accounts at FDIC-insured banks and NCUA-insured credit unions are protected up to $250,000 per depositor, per institution, per ownership category.
Tips to reach your goal faster
- Automate it: schedule the deposit for payday so you never see the money.
- Use separate accounts or buckets for each goal, so progress is visible.
- Add windfalls: a tax refund or bonus can cut months off the plan.
- Budget it in: the budget calculator shows where the monthly amount can come from.
Frequently asked questions
How much should I save each month?
Divide the remaining amount by the number of months, then let interest reduce it slightly. The calculator does this exactly for your rate and starting balance.
Does the calculator include taxes on interest?
No. Interest is taxable as ordinary income, which reduces the effective return slightly; see is savings interest taxable.
What APY should I use?
Use your account's current APY. Leading high-yield savings accounts paid around 4% in October 2026, but savings rates are variable and can change at any time.
Can I save weekly instead of monthly?
Yes. Multiply the monthly amount by 12 and divide by 52 for a weekly figure; the result is almost the same.
How do I download my savings plan?
Use "Download PDF" or "Download CSV" under the results. Both include the month-by-month plan.
