Savings Goal Calculator
Find out how much you need to save each month to reach a savings goal by a target date, including interest earned.
How the monthly savings target is calculated
First the calculator grows the money you already have at your interest rate until the target date. Whatever is still missing must come from monthly deposits, which also earn interest. Solving the future-value-of-annuity formula for the deposit gives the amount you need to set aside each month.
PMT = (Goal − Current × (1 + r)^n) × r ÷ ((1 + r)^n − 1)
r is the monthly rate (annual rate ÷ 12) and n is the number of months.
Example
To reach $20,000 in 3 years with $2,000 already saved in a 4% high-yield account, you need to save about $465 a month. Interest contributes around $1,270 of the goal.
Making a savings goal stick
- Automate it. Schedule a transfer for the day after payday so the money moves before you can spend it.
- Use a separate account. Keeping goal money apart from everyday spending makes progress visible and withdrawals less tempting.
- Pick the right account. For goals under five years, high-yield savings, money-market accounts and CDs protect the principal. Stocks are better suited to longer goals.
- Review yearly. Raise the monthly amount when your income rises.
Frequently asked questions
How much should I save each month?
A common guideline is 20% of take-home pay across all goals. This calculator tells you the exact amount needed for one specific goal and deadline.
Where should I keep money for a short-term goal?
For goals within about five years, use an FDIC- or NCUA-insured high-yield savings account, money-market account or CD so the balance does not fall when markets do.
Does the calculator include taxes on interest?
No. Interest on regular savings is usually taxable. If your tax rate is 22%, you can approximate by entering 78% of the advertised rate.
Last reviewed Oct 20, 2026. Results are estimates; check important decisions with a qualified professional.