Savings Goal Calculator Free Online
To reach a savings goal by a date, divide the remaining amount by the months left, then reduce it for interest earned. Saving $10,000 in 24 months from zero at 0% interest takes $416.67 per month.
Goal
Compounded monthly. Use 0 for cash.
What if I contribute
Base contribution.
Save each month
$538.11
23 contributions to Oct 2028
Target
$15,000
Current
$2,000
Monthly
$538.11
Base
Interest earned
$623
Your savings plan
Goal, current savings, monthly contribution and date.
- Goal
- $15,000
- Current savings
- $2,000
- Monthly
- $538.11
- Target date
- Sep 2028
Your numbers travel in the link only. They are not sent to our servers.
Key takeaways
What to know
- 01Required monthly = (goal - future value of current savings) x r / ((1 + r)^n - 1), where r is the monthly rate.
- 02Interest matters most for long horizons; under two years the contribution does almost all the work.
- 03Raising a contribution by 10% shortens the timeline by roughly 9% at low interest rates.
Formula
FV = P x (1 + r)^n + C x ((1 + r)^n - 1) / r
Worked example
Goal $12,000, current $2,000, 36 months, 4% APR: current savings grow to about $2,254, so contributions must cover $9,746, which requires about $255 per month.
FAQ
Common questions
How much should I save each month for a goal?
Subtract current savings from the goal, then divide by the number of months until the target date. With interest, the required amount is slightly lower.
Does the calculator include interest?
Yes. Enter an annual rate and interest compounds monthly on both current savings and new contributions.
When are contributions assumed to be made?
At the end of each month, which is the conservative convention.
What rate should I use?
Use the current annual percentage yield of the account where the money is held. Use 0% for a cash budget.
Embed this tool
<iframe src="https://tools.alsern.com/embed/savings-goal-calculator" title="Savings Goal Calculator by Alsern Finance" style="width:100%;max-width:960px;height:860px;border:0;border-radius:12px" loading="lazy"></iframe>Free to embed. Width adapts to the container; 860px height fits mobile and desktop.
Related