Savings Goal Calculator
Hey everyone, it's Ren!
I made this little tool so you can see at a glance exactly what it takes to save for the big stuff, whether that's your dream holiday, a wedding, a house deposit, or anything else you're working towards.
Pop in your goal and a date, and it'll show you the monthly number. Nudge it around until it feels doable.
Turn the number into a plan
This calculator gives you the target. The Ultimate Budget System helps you actually free up the money and track every goal to the finish line, with multi-goal savings tracking, progress bars and your full budget in one sheet. Trusted by over 70,000 customers.
Get the Ultimate Budget System →How the savings goal calculator works
A savings goal calculator answers one of two questions. Either "how much do I need to put away each month to reach my goal by a certain date?", or "if I can only save a set amount each month, how long will it take?" This tool does both, and it factors in anything you have already saved plus any interest your account earns.
The maths is simple at heart. Without interest, the amount left to save is your goal minus what you have already put aside, divided by the number of months you have. Add an interest rate and the calculator uses standard compound-growth maths, so your existing balance and each monthly deposit both earn along the way, which lowers the amount you need to contribute.
A few real examples
To save $5,000 for a holiday in 10 months, you would set aside $500 a month. To build a $10,000 emergency fund in two years, that is about $417 a month, or roughly $385 a month if your savings earn 4% interest. And if you already have $2,000 toward a $6,000 goal and save $250 a month, you reach it in 16 months.
Common savings goals at a glance
How much to set aside each month (before any interest) for a few common goals and timeframes:
| Savings goal | 6 months | 12 months | 24 months | 36 months |
|---|---|---|---|---|
| $1,000 | $167 | $83 | $42 | $28 |
| $5,000 | $833 | $417 | $208 | $139 |
| $10,000 | $1,667 | $833 | $417 | $278 |
| $20,000 | $3,333 | $1,667 | $833 | $556 |
Enter your own numbers in the calculator above for an exact figure, including interest and anything you have already saved.
Why a deadline changes everything
A goal without a date tends to drift. The moment you attach a real deadline, the vague wish becomes a specific monthly number you can actually plan around, and you can see straight away whether it is realistic or whether the date needs to move.
The trick most people miss
Treat the monthly figure like a bill, not like leftovers. Set up an automatic transfer for the day after payday, before spending can claim the money. A consistent smaller amount you never skip beats an ambitious number you abandon after two tight months.
Frequently asked questions
How much should I save each month?
Enter your goal, your deadline and anything you have already saved, and the calculator gives you the exact monthly figure. As a rule of thumb, pick an amount you can sustain on a normal, slightly tight month rather than your best month ever.
Does this savings calculator include interest?
Yes. Leave the interest field at 0 for a simple split, or enter your account's APY and the calculator compounds your balance and deposits monthly, which reduces how much you need to contribute.
Should I save or pay off debt first?
Most people do best building a small emergency buffer first, then balancing extra debt payments with longer-term saving. If high-interest debt is the priority, our debt snowball and avalanche calculator can map that side out.
What is a realistic savings timeline?
It depends entirely on the gap between your goal and what you can save each month. Switch to "How long will it take?" mode, enter a comfortable monthly amount, and the calculator shows the date you would reach your goal.
How do I save $10,000 in a year?
Saving $10,000 in 12 months means setting aside about $833 a month, or roughly $818 a month if your savings earn around 4% interest. Splitting it per payday makes it feel smaller: about $385 a fortnight.
How much should I save for an emergency fund?
A common target is three to six months of essential expenses. Set that total as your goal and a realistic date in the calculator, and it will show the monthly amount to get there.
Is saving $500 a month good?
Saving $500 a month adds up to $6,000 a year, and over $30,000 in five years before any interest. Whether it is "good" depends on your income and goals, but consistency matters far more than the exact figure.
This calculator is for general information only and is not financial advice. Figures are estimates based on the numbers you enter.