Savings Goal Calculator
Find out how much to save each month to reach a target amount by a deadline.
Result
Monthly deposit needed
41,666.67
Total you deposit
1,000,000.00
Interest earned
0.00
How it works
This calculator works backwards from a target: given what you already have, the return you expect and the deadline, it returns the monthly deposit that gets you there. The formula is the annuity relation, which accounts for each deposit earning interest for the time remaining. That is why the required payment is lower than simple division suggests. Saving 12,000 over five years is not 200 a month if the money earns anything — the earlier deposits compound, and the interest does part of the work for you. Two levers dominate: time and amount. Starting earlier is far more powerful than saving harder, because early deposits have the longest to grow. And be realistic about the return — a savings account is not the stock market, and planning at an optimistic rate quietly under-funds the goal.
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Frequently asked questions
How much should I save per month?
Divide what you still need by the number of months. With interest, the required deposit is a bit lower — this tool does the exact math.
Does it account for interest?
Yes — set an annual rate and it assumes monthly compounding. Leave it at 0 for a plain savings plan.
Should I save before or after paying my bills?
Before. Set the transfer to leave your account on payday, so saving happens automatically rather than depending on what survives the month. Nearly every study of savings behaviour finds the automated version wins.
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