Free Online Savings Goal Calculator
Find how long or how much to save to reach a target amount.
Used to work out how long it will take to reach your target.
Used to work out the monthly deposit you would need for a fixed period.
Deposits are assumed at the end of each month with returns compounded monthly. Tax and account fees are not included.
Yearly projection at your current monthly deposit
| Year | Contributions | Balance | Progress to target |
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About the Savings Goal Calculator
A savings goal calculator answers two practical questions: how long will it take to reach a target at my current monthly deposit, and how much should I deposit each month to get there within a chosen period. Both answers account for compound growth on your existing savings and on each new deposit, so the numbers reflect the time value of money rather than simple addition.
How the calculation works
The calculator grows your current savings and every monthly deposit at a monthly rate equal to the annual return divided by twelve. To find the time to your goal, it steps through months until the balance reaches or passes the target. To find the required deposit for a fixed period, it rearranges the future value of an annuity formula: PMT = (target − current × (1 + r)n) × r ÷ ((1 + r)n − 1), where r is the monthly rate and n is the number of months. If your current savings would already exceed the target on their own, the required deposit is zero.
Why the two answers differ
The monthly deposit you can afford and the monthly deposit your deadline requires are rarely the same number. Comparing them shows the gap. A shorter deadline raises the required deposit sharply because there is less time for compounding to help. A longer deadline lowers the monthly burden but exposes the plan to more years of market variation and inflation.
Frequently asked questions
What return should I use?
Use a conservative long-term estimate for your account type. A high-yield savings account might return 3–5%, while a diversified investment portfolio has historically averaged more but with much larger swings.
Why does the calculator say my goal is not reachable?
If your monthly deposit is zero and the return is zero, the balance cannot grow. With a positive return the balance still grows from existing savings, so the goal may only be reached over a very long horizon.
Should I include inflation?
The result is in nominal money. If your goal is several years away, consider raising the target by expected inflation so the future balance keeps the same purchasing power.