Savings Goal Calculator
Find the monthly amount you need to save to reach a goal by a set date, with interest helping along the way.
A down payment, a wedding, a car. Every goal becomes manageable once you know the monthly number.
This calculator finds it, and shows how much of the goal interest will cover.
How it works
Your current savings grow until the deadline. The rest of the goal is divided into monthly deposits that also earn interest.
The weekly figure is the same amount spread across 52 weeks a year.
The formula
i = monthly rate from the APY, n = months to goal.
Tips
- Automate the transfer the day after payday.
- Name the account after the goal. It makes raiding it harder.
Frequently asked questions
Should I invest money for a short term goal?
Not for goals under about five years. A high yield savings account or CD avoids a badly timed market drop.
This is not financial advice. Nothing on this site is investment, tax, legal or financial advice of any kind.
The calculators give simplified estimates from the numbers you enter. They ignore taxes, fees, rate changes and real market returns, and they can be wrong.
Do not make financial decisions based on these results. Speak to a licensed financial adviser, accountant or lender before acting, and read the full disclaimer.