US Savings goal calculator
Find out how much to save each month to hit a target by a set date — or how long it'll take to reach your goal at a given monthly amount, with interest factored in.
Your savings goal
Assumes interest compounds monthly and contributions are made at the end of each month. Figures are before tax and inflation.
Monthly amount to save
$464.77
How you reach $20,000.00
- Starting balance
- $2,000.00
- Your contributions (36 months)
- $16,731.54
- Interest earned
- $1,268.46
Want the full picture? Dollar-Cost Averaging Explained →
How a savings goal is calculated
Reaching a savings target combines three things: what you've already saved, what you add each month, and the interest your balance earns along the way. The calculator uses the future-value formula with monthly compounding:
Future value = starting balance × (1+r)n + monthly contribution × ((1+r)n − 1) / r
where r is the monthly interest rate (annual rate ÷ 12) and n is the number of months.
Two ways to plan
- How much per month? — fix your goal and target date, and the calculator rearranges the formula to solve for the monthly contribution you need:
contribution = (goal − starting balance × (1+r)n) ÷ ((1+r)n − 1) / r. - How long will it take? — fix your monthly contribution, and it solves for the number of months:
n = ln((goal + PMT/r) ÷ (balance + PMT/r)) ÷ ln(1+r).
Worked example
Goal 20,000, already saved 2,000, 4% interest, reaching it in 3 years (36 months):
- Your 2,000 grows to about 2,255 over three years.
- You need the remaining ~17,745 from contributions plus their interest.
- Required monthly saving: roughly 465 — of which only about 16,740 comes from your own pocket; interest does the rest.
Tips for hitting a savings goal
- Automate it. Set up a standing transfer on payday so saving happens before you can spend the money — "pay yourself first".
- Use the right account. A higher interest rate shortens the timeline; for short goals, a high-yield savings account or term deposit beats a current account.
- Keep emergencies separate. Ring-fence goal savings so you're not tempted to dip in.
- Increase contributions with income. Raising your monthly amount even slightly each year noticeably shortens the journey.
What this calculator doesn't cover
- Tax on interest (figures are gross)
- Inflation eroding the real value of your goal
- Variable interest rates (treated as fixed)
- Irregular or one-off contributions
Use it to set a realistic monthly target, then automate that amount — consistency matters far more than timing.
Related calculators
Related guides
Frequently asked questions
How much should I save each month to reach my goal?
It depends on your target amount, how long you have, what you've already saved, and the interest rate. The calculator above solves for it exactly: enter your goal, current balance, rate, and timeframe, and it shows the monthly contribution needed — with interest doing part of the work, so you contribute less than the headline figure.
How does interest affect how fast I reach my goal?
Interest compounds on your growing balance, so a higher rate means you reach your goal sooner or need to contribute less. For short goals (1–3 years) the effect is modest; for longer goals it becomes significant, because interest starts earning interest. Even a few percent makes a meaningful difference over five or more years.
Where should I keep money for a savings goal?
For short-term goals you don't want to risk in the market, a high-yield savings account, cash ISA, or term deposit/GIC/CD offers a guaranteed return. For goals more than five years away, some people invest for higher expected returns, accepting that the balance can fall in the short term. Match the risk to your timeframe.
What's the best way to stay on track?
Automate the contribution — set up a standing transfer on payday so the money moves before you can spend it. Keep goal savings in a separate, clearly labelled account, and review your progress every few months. Increasing the amount slightly whenever your income rises shortens the timeline noticeably.
How long will it take to reach my goal at a fixed monthly amount?
Switch the calculator to 'how long will it take?' mode, enter your monthly contribution, and it computes the number of months — and the total interest earned along the way. If the goal isn't reachable at that contribution and rate, it tells you, so you can adjust the amount or extend the timeframe.
Does this calculator account for tax and inflation?
No — the figures are gross of tax on interest and aren't adjusted for inflation. If your goal is several years away, remember that its real purchasing power will be lower than the nominal target, and interest may be taxable depending on the account. For tax-free growth, consider an ISA, TFSA, or equivalent tax-sheltered account.
Embed this calculator
Free to embed on your website, blog, or resource page — no signup, no fees, no API key. The calculator runs entirely in the visitor's browser.
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