Savings Goal Calculator
Example: Save $10,000 in 2 years = $400/month (with 4% interest)
Calculate how much to set aside each month for a vacation, emergency fund, or major purchase. Enter your goal amount and timeline to create a savings plan.
Progress to goal
Monthly Savings Needed
Total Contributions
Months to Goal
Interest Earned
How We Calculate This
This calculator uses the future value of annuity formula to determine required monthly savings: PMT = (FV - PV(1+r)^n) × r / ((1+r)^n - 1), where FV is goal, PV is current savings, r is monthly rate, and n is months.
Methodology last reviewed: September 2023. How SparkCalc works
Sources: U.S. SEC (Investor.gov): Savings Goal Calculator
Frequently Asked Questions
Where should I keep my savings?
For short-term goals (under 3 years), use a high-yield savings account or money market account for safety and liquidity. For longer goals, consider CDs or I-bonds for slightly better returns while maintaining low risk.
How can I save more each month?
Start by automating your savings - set up automatic transfers on payday. Track your spending to find areas to cut, and put any windfalls (tax refunds, bonuses) toward your goal.
What if I can't save the recommended amount?
Either extend your timeframe, reduce your goal amount, or look for ways to increase income. Saving something is better than nothing - even small amounts compound over time.
Related Calculators
You might also find these calculators helpful: Compound Interest Calculator, and Emergency Fund Calculator.
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This calculator provides estimates only. Actual results may vary. Consult a qualified financial advisor before making financial decisions.