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Savings goal calculator

Find out how much you need to save every month — and every week — to reach a goal by a date, counting what you have already saved and the interest your savings earn.

1Your goal

The amount you want to have, e.g. a house deposit, a car or an emergency fund.

Optional. Savings you will put towards the goal.

2Time and interest
%

What your savings account or investment pays a year. Leave 0 for cash at home or to keep it simple.

Your results

Your results appear here

Type your measurements in the empty boxes. Still needed:

  • Savings goal
  • Years to save
  • Free
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  • PDF & CSV

How much should I save each month for my goal?

  1. 1Enter your savings goal and what you have already saved.
  2. 2Choose years or months and enter how long you have.
  3. 3Add the yearly interest rate your savings earn, or leave it at 0.
  4. 4Read how much to save each month and each week, and how much interest helps.

How is the monthly saving worked out?

  1. 01n = months · i = (1 + yearly rate ÷ 100)^(1/12) − 1 (monthly rate from the APY)
  2. 02Your savings grow to S × (1 + i)ⁿ
  3. 03Monthly saving = (goal − S × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1)
  4. 04At 0%: monthly saving = (goal − S) ÷ n
  5. 05Weekly = monthly × 12 ÷ 52

First the calculator works out what your current savings S will grow to by the deadline. The rest of the goal must come from monthly deposits, which also earn interest for the months left. The standard sinking-fund formula gives the deposit that lands exactly on the goal.

With no interest it is plain division: to turn 2,000 into 20,000 in 3 years you need 18,000 more over 36 months — 500 a month. At 4% a year the same goal needs about 465 a month, because interest makes up the gap.

Banks advertise savings rates as an APY (US) or AER (UK) — a yearly yield that already includes compounding. The calculator turns it into the matching monthly rate, so the answer fits the rate you see advertised.

How do I save 20,000 in 3 years?

To reach 20,000 in 3 years, starting with 2,000 saved and no interest,

you need to save 500 a month (about 115.38 a week) — 18,000 in all.

Good to know

  • Set up an automatic transfer on payday for the monthly amount, so saving happens first.
  • Keep short-term goals (under 3 years) in a savings account rather than shares, so the money is there when you need it.
  • If the monthly amount is too high, add a few months or lower the goal and see the difference straight away.
  • An emergency fund of 3–6 months of essential costs is a common first goal.

Savings goal questions

How much do I need to save each month?

Take the goal, subtract what your current savings will grow to, and divide what is left over the months you have — with interest, the sinking-fund formula lowers the amount because deposits earn interest too. The calculator does this for you.

How can I save 10,000 in a year?

Without interest, 10,000 ÷ 12 = 833.33 a month, or about 192.31 a week. Interest on a savings account lowers that a little; starting with some savings lowers it more.

What interest rate should I enter?

The yearly rate your savings account pays (its APY or AER). For money kept in cash, enter 0. For investments, use a careful long-run return — they are not guaranteed.

Does it matter whether I save weekly or monthly?

Hardly. The weekly figure here is the monthly amount spread over 52 weeks. Saving weekly can feel easier and earns a tiny bit more interest.

Sources

Formulas last reviewed: September 30, 2026 ·How we check our formulas

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