Personal Finance
Savings Goal Calculator
Goals without numbers are wishes. Turn the target and the deadline into the monthly deposit that gets you there.
To reach a savings goal, divide the target amount by the months available, then adjust for interest earned. Saving $10,000 in 20 months requires $500 per month before interest. Automating transfers makes goals stick. Figures are estimates before taxes and fees — verify details with a licensed advisor where needed.
Deposit = target ÷ months (no interest).
Interest lowers the required deposit.
Automate, willpower doesn't scale.
Calculate Your Savings Goal
Required Deposit
What Is Savings Goal?
A savings goal has three variables: the target, the deadline, and the monthly deposit. Fix any two and the third is determined.
Interest eases the burden slightly, but for short horizons (under 5 years) the deposit dominates, the calculator shows both.
How It Is Calculated
PMT = target × r ÷ ((1+r)^n − 1), r = monthly rate
Example: Example: $10,000 in 20 months at 4% → ≈ $486/month ($9,720 deposited, $280 interest)
Emergency fund targets
| Situation | Months of expenses |
|---|---|
| Stable job, dual income | 3 |
| Single earner | 6 |
| Variable income / self-employed | 6–12 |
Limitations
- Rates change; conservative accounts may pay less than assumed.
- Life happens, build a buffer into the deadline.
- Big goals may need investment risk, which changes the math entirely.
Sources & Review
References used for this calculator’s formulas and thresholds:
Savings Goal FAQ
How much should I save each month?
The classic answer: 20% of net income. For a specific goal, divide the target by the months remaining.
How big should my emergency fund be?
3–6 months of essential expenses, more with variable income, kids, or a single earner.
Where should I keep short-term goal money?
High-yield savings or money-market funds for horizons under ~3 years; stocks are for 5+ year goals.
How do I actually stick to savings?
Automate on payday, keep the account separate, and name the goal, psychology does the rest.
Important disclaimer: Results are educational estimates, not a substitute for professional advice. Review your numbers with a qualified advisor before acting on them.