Work out how much to save each month to reach a financial goal by your target date, including interest growth.
Plan backward from your goal
Whether you're saving for a down payment, a wedding, or an emergency fund, it helps to work backward: decide the amount and the date, and let the math tell you the monthly contribution. This calculator does exactly that, including the interest your savings earn along the way.
Put your savings to work
Money sitting in a low-interest account loses ground to inflation. A high-yield savings account or, for longer horizons, a diversified investment account can meaningfully reduce how much you need to set aside each month.
Estimates for educational purposes only — not financial advice. Investment returns are not guaranteed.
Frequently asked questions
How much should I save each month to reach my goal?
It depends on your target amount, how much you've already saved, your time frame, and the return rate. This calculator solves for the exact monthly contribution that gets you to your goal by your target date, accounting for interest growth.
What return rate should I use?
For a short-term goal in a high-yield savings account, use the current APY (often around 4%). For longer-term goals invested in the market, a more typical long-run assumption is 6–7%, though returns aren't guaranteed.
Does my starting balance reduce how much I need to save?
Yes. Money you've already saved keeps growing with interest, so the more you start with, the less you need to add each month. If your starting balance alone grows to your goal, no monthly contribution is required.
What if I can't save that much per month?
Extend your time frame, lower the goal, or seek a higher return. Even saving a bit less consistently makes progress — adjust the inputs to find a plan that fits your budget.