Year-by-year progress
| Year | Deposited | Growth | Balance |
|---|
Assumes monthly deposits at the end of each month and a steady return compounded monthly. Real returns vary. For education only, not financial advice.
What this savings goal calculator does
Most savings calculators tell you what you will end up with. This one works backwards: you tell it what you want to reach and by when, and it tells you how much to save each month to get there.
Use it for any target: an emergency fund, a house deposit, a car, a wedding, school fees or a travel fund. The chart shows your progress year by year, with a dashed line marking your goal.
How to use it
- Savings goal: the total amount you want to have.
- Already saved: what you have put aside for this goal so far. Enter 0 if you are starting fresh.
- Years to reach it: your deadline.
- Expected annual return: the yearly interest or investment return you expect. Use your savings account rate, or 0% if the money will sit in cash.
The calculator then shows your monthly saving target, how much you will deposit in total, and how much of the goal is covered by returns.
How the calculation works
The calculator first works out how much your existing savings will grow by your deadline. It then finds the fixed monthly deposit that covers the gap, using the future value of regular payments:
Monthly saving = Gap × r ÷ ((1 + r)^n − 1)
- Gap = your goal minus what your current savings will grow to
- r = the monthly rate of return (annual rate ÷ 12 ÷ 100)
- n = the number of months until your deadline
If the return is 0%, it is simply the gap divided by the number of months. If your current savings will already grow past the goal, the calculator tells you no further saving is needed.
Worked example
You want $50,000 in 5 years. You already have $5,000 saved, and you expect a 5% yearly return.
- Save each month: $640.87
- Total you deposit: about $43,452 (including the $5,000 you have)
- Growth from returns: about $6,548
If the money sits in an account earning 0%, you would need to save $750 a month instead.
Give yourself 10 years instead of 5 at the same 5% return and the monthly amount falls to $268.96. You would deposit about $37,275 and returns would supply about $12,725.
The lesson: a longer timeline and a better rate both make a big goal much more manageable.
Tips for reaching your goal faster
- Automate it. Set up a transfer for the day after payday so the money moves before you can spend it.
- Keep goal money separate. A dedicated account makes it easier to track progress and harder to dip into.
- Match the account to the timeline. Money you need within a few years is usually kept somewhere stable. Longer-term goals can tolerate more ups and downs in exchange for potentially higher returns.
- Add windfalls. Putting part of any bonus or tax refund toward the goal can take months off your timeline.
- Recheck once a year. Update the calculator with your actual balance and adjust your monthly amount if needed.
Frequently asked questions
What return should I use?
For a savings account or fixed deposit, use the rate it actually pays. For investments, use a cautious estimate and test a few rates to see the range. Investment returns are not guaranteed and can fall as well as rise.
Should I include inflation?
If your goal is several years away, the item may cost more by then. A simple approach is to increase your goal amount to allow for rising prices, then run the calculator again.
What if I cannot afford the monthly amount?
Try extending the deadline, lowering the goal, or both. The calculator updates instantly, so you can find a plan that fits your budget.
Is my data saved?
No. The calculator runs entirely in your browser and nothing you type is stored or sent anywhere.
Related calculators
- Compound interest calculator: see what a fixed monthly saving grows to
- Loan & EMI calculator: compare saving up with borrowing
- All free money calculators
This calculator is for education and planning only and is not financial advice. Actual returns depend on your account, fees, taxes and market conditions.