Savings Goal Calculator — Monthly Deposit Needed
A savings goal calculator tells you how much to save each month to reach a target by a date — a house deposit, an emergency fund, a holiday or a car — including the interest your savings earn along the way.
How it works
- Enter your savings goal, what you have saved already and how many months you have.
- Enter the yearly return your account pays — a high-yield savings account pays around 4% a year.
- See the monthly deposit needed, the same amount per week and per day, and how much interest does the work for you.
Formula
Worked example
Save for a $25,000 goal in 5 years (60 months) starting with $5,000 in an account earning 4% a year. Your $5,000 grows to $6,104.98 on its own, so you need to save $285.00 a month — $65.77 a week or $9.37 a day. Your deposits total $17,099.83 and interest adds $2,900.17.
Frequently asked questions
How much should I save each month to reach my goal?
It depends on the goal, the time and the interest. For a $25,000 goal in 5 years from $5,000 at 4%, it is $285.00 a month. Enter your own numbers above for your figure.
How long will it take to save $10,000?
At $300 a month from zero at 4% interest, about 32 months. The calculator's “how long” mode works this out for any monthly amount.
What interest rate should I use?
Use the rate your account actually pays. High-yield savings accounts pay around 4% a year. For money invested for many years, long-term stock returns have averaged about 7% before inflation, but they are never guaranteed.
How does interest help my savings goal?
Interest earns on your starting balance and on every deposit, so you deposit less than the goal. In the $25,000 example, interest contributes $2,900.17 — about 12% of the goal.
What is the 50/30/20 rule for saving?
A common budgeting guide: spend about 50% of take-home pay on needs, 30% on wants and save 20%. If 20% feels impossible, start with any amount and raise it gradually.
Should I save or pay off debt first?
Build a small emergency fund first (about $1,000), then attack expensive debt above about 10% interest, then save for larger goals. High-interest debt usually costs more than savings earn.