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Savings Goal Calculator

Say how much you want to save and this calculator works out the monthly deposit needed in a set time, or how long it takes at a deposit you choose. You can include what you have already saved and an interest rate.

Savings goal calculator

What do you want to find?
%

Compounds monthly. Leave blank if your savings earn nothing.

years

Enter your goal and the other details to see the plan.

How to use it

  1. Choose what to find

    Pick the monthly deposit needed, or the time it takes to reach the goal.

  2. Enter the details

    Type the goal, what you have saved so far and an optional interest rate. Then enter the time, or the monthly deposit.

  3. Read the plan

    See the deposit or time, how much you put in and how much interest you earn.

Example: 10,000 in one year

With no interest and nothing saved yet, reaching 10,000 in 12 months takes 833.34 a month. The amount is rounded up to the cent so the goal is met. At 100 a month and no interest, 1,200 takes 12 months.

Limits and limitations

  • Deposits are assumed at the end of each month and interest compounds monthly. Your account may work differently.
  • Interest rates are assumed constant. Savings rates change.
  • Tax on interest and account fees are not included, and inflation is not allowed for.
  • If the goal is not reached within 100 years, the tool says so rather than showing a huge number.

Frequently asked questions

How is the monthly deposit worked out?

It is the shortfall after your current savings have grown, spread over the months with interest. With no interest it is simply the amount still needed divided by the months.

Why is the result rounded up?

So that you reach the goal. Rounding down by even a cent could leave you just short.

Can I include money I have already saved?

Yes. Enter it under Already saved. It is counted towards the goal and earns interest if you enter a rate.

Is my information uploaded?

No. Your numbers is worked out by JavaScript running in your browser and is not sent to a server. The page itself still loads from a web server like any website. This site can load advertising or analytics scripts, but only after you accept them in the cookie notice. They are separate from the tools, which never pass the files or text you work with to them.

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