Savings Goal Calculator

How to use this calculator

Enter the total amount you want to save, the number of months you have to reach it, and the annual interest rate your savings account pays, then press Calculate monthly saving. The tool tells you how much to deposit each month to hit the goal exactly on the deadline. It also shows how much of the goal comes from your own deposits versus interest earned. If your account pays no interest, set the rate to zero and the answer is simply the goal split evenly across the months.

The formula explained

This reverses the future-value formula to solve for the deposit. With goal FV, monthly rate i (annual ÷ 12 ÷ 100) and n months:

monthly deposit = FV × i ÷ ((1 + i)ⁿ − 1)

Each deposit you make earns interest for the months remaining until the deadline, so earlier deposits grow more than later ones. The formula accounts for all of that compounding and works out the single fixed monthly amount that, with interest, lands exactly on your goal. When the interest rate is zero the formula collapses to the goal divided by the number of months.

A worked example

To save $10,000 in 24 months in an account paying 4% a year, the monthly rate is about 0.333%. The formula gives a deposit of roughly $400.92 per month. Over 24 months that is about $9,622 of your own money, with the remaining ~$378 coming from interest. Without interest you would need $416.67 a month.

Frequently asked questions

How much should I save each month?

Divide your goal by the months, then reduce slightly for any interest earned. This tool does the interest maths for you.

Does interest reduce the amount?

Yes — interest counts toward the goal, so each deposit can be a little smaller.

What if there's no interest?

Then it is simply the goal divided by the number of months.