Savings Goal Calculator
Name the amount you need and when you need it. The calculator returns the monthly and weekly deposit required, allowing for what you have already saved and the interest it earns.
Enter your figures below. Results update as you type.
Save each month$435.98
- Already saved 8%
- New deposits 84%
- Interest 8%
- Per week
- $100.61
- Total you deposit
- $20,927.28
- Interest earned
- $2,072.72
How the Savings Goal calculation works
Deposit = (goal - saved x (1 + i)^n) x i / ((1 + i)^n - 1)
Here i is the monthly interest rate and n the number of months. Interest does part of the work: over four years at 4%, roughly 8% of a goal is covered by interest rather than deposits.
Frequently asked questions
What if I cannot afford the monthly amount?
Extend the time frame, lower the target, or raise the starting balance. The how long to save calculator shows the timeline for a deposit you can manage.
How do I calculate how much to save each month for a goal?
Subtract what you already have from the goal and divide by the number of months. Reaching $12,000 in 24 months from nothing takes $500 a month. Interest reduces the amount slightly, which this calculator works out for you.
What is a savings goal?
A specific amount you want to have saved by a specific date, such as $15,000 for a house deposit in three years. Having a figure and a deadline turns it into a monthly amount you can budget for.
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