Last updated October 13, 2026 · Report an error
Setting a savings goal without a plan usually means it doesn't get met. This calculator turns a target amount and deadline into a concrete monthly savings number, accounting for any interest your savings earn along the way.
It solves the future-value-of-an-annuity formula used in standard financial planning, so the number you get already accounts for compounding on both your existing savings and each new monthly contribution.
How it works
Enter your savings goal, how much you've already saved, how many months you have to reach the goal, and (optionally) the annual interest rate your savings will earn. The tool calculates the fixed monthly contribution needed to hit your goal exactly on schedule.
- Enter savings goal.
- Enter current savings (optional).
- Enter months to reach goal.
- Enter annual interest rate % (optional).
- Click Calculate to see your results.
Examples
Saving $10,000 in two years
Starting from $1,000 saved, reaching a $10,000 goal in 24 months at 6% annual interest needs about $348.89 per month.
Who should use it
- Planning monthly contributions toward an emergency fund, down payment, or large purchase.
- Comparing how a higher interest rate changes the required monthly savings.
Industry applications
- Personal finance and budgeting
- Financial planning and advising
Advantages
- Accounts for compound interest on both existing savings and future contributions.
- Gives a single concrete monthly number instead of a vague target.
Limitations
- Assumes a fixed interest rate and fixed monthly contribution, which real accounts may not match exactly.
- Doesn't account for taxes on interest earned.
Common mistakes to avoid
- Ignoring interest entirely for long-term goals, which can meaningfully understate how much compounding will help.
- Not revisiting the plan if the interest rate or timeline changes partway through.
Best practices
- Automate the monthly contribution as a recurring transfer so the plan doesn't depend on remembering to do it manually.
Tips
- Recalculate whenever your timeline or goal amount changes, rather than sticking with an outdated monthly figure.