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Savings Goal Calculator: How Much to Save Each Month

This free savings goal calculator tells you how much to save each month to reach a target by a date. Add what you already have and an expected return to see how interest shortens the journey.

By Debmedia Technologies LLP · Kolkata, India · Updated

What Is It and When Do You Need It?

A savings goal turns a big number into a small monthly habit. Whether it is a deposit for a home, a wedding, a car or an emergency fund, knowing the monthly amount makes the goal real.

Enter the goal, how much you have, the years and the return you expect. You get the monthly amount and the split between deposits and interest.

How to Use This Tool

  1. Enter the goal and the amount you already have.
  2. Enter the number of years.
  3. Add an expected yearly return if you have one.
  4. Press Calculate.

How the Calculation Works

With monthly rate i and n months, what you already have grows to have × (1 + i)^n. The remaining amount is covered by monthly deposits made at the start of each month: deposit = (goal − have × (1 + i)^n) × i ÷ (((1 + i)^n − 1) × (1 + i)). With no return, deposit = (goal − have) ÷ n.

Worked Example

To reach 500,000 in 5 years with 20,000 saved and a 6% yearly return, save about 6,746 a month. Without any return you would need 8,000 a month.

Common Uses

  • Home deposits and big purchases.
  • Emergency funds.
  • Education and wedding planning.
  • Setting up an automatic transfer.

Tips and Common Mistakes

  • Automate the monthly transfer.
  • Use a cautious return.
  • Review the plan once a year.

Next, you may need the SIP calculator, compound interest calculator, fixed deposit calculator, CAGR calculator.

Everything runs in your browser. Nothing you type is uploaded, stored or sent to any outside service.

Frequently Asked Questions

The tool grows what you already have at the expected rate, then finds the monthly deposit that makes up the rest, using the future value of an annuity formula.
Leave the return empty or enter 0. The tool then divides the amount still needed by the number of months.
No. It is an assumption. Savings accounts have a known rate, while investments do not.
No. To plan for inflation, use a lower return, or raise your goal to allow for rising prices.

Disclaimer: results are calculated in your browser from the numbers you enter. Check important results before you rely on them for money, health, safety or legal decisions.