Skip to main content
Simple Calculators

Savings Goal Calculator

Calculate how much to save each month to reach your goal, or how long it takes at your savings rate

$
$
% APY
months

12 months = 1 year, 60 months = 5 years

Current savings and interest are optional. High-yield savings accounts typically pay 4–5% APY; use 0% to ignore interest.

Related calculators

All finance

Quick summary

A savings goal calculator helps you determine how much to set aside each month to reach a target amount by a specific date, or how long it will take at your current savings rate. Entering an interest rate (such as a HYSA APY) shows how compound growth accelerates your progress.

Reviewed by Simple Calculators TeamLast reviewed

For planning only — not financial or tax advice. Results are estimates based on your inputs and the stated assumptions. Confirm important decisions with a qualified professional.

How to use this calculator

  1. Enter the inputs requested by the calculator.
  2. Choose the units or options that match your situation and review the assumptions.
  3. Run or update the calculation to see the result.
  4. Review the result, breakdown, and formulas shown on the page.
  5. Check the inputs, units, dates, and limitations before saving or sharing the result.

Savings Formulas & Examples

Monthly Savings Required (Future Value of Annuity)

PMT=FV×r(1+r)n−1PMT = \frac{FV \times r}{(1+r)^n - 1}
PMT
Monthly payment / savings required
FV
Future value (savings goal)
r
Monthly interest rate (annual rate ÷ 12)
n
Number of months

Worked example

Save $20,000 in 24 months at 5% APY

Given
FV = $20,000
r = 0.004167 (5% ÷ 12)
n = 24
Calculation
PMT=20000×0.004167(1.004167)24−1PMT = \frac{20000 \times 0.004167}{(1.004167)^{24} - 1}
Result
PMT ≈ $792/month

Future Value of Annuity

FV=PMT×(1+r)n−1rFV = PMT \times \frac{(1+r)^n - 1}{r}
FV
Final savings amount
PMT
Monthly savings amount
r
Monthly rate
n
Number of months

Worked example

Save $500/month for 36 months at 4% APY

Given
PMT = $500
r = 0.003333
n = 36
Calculation
FV=500×(1.003333)36−10.003333FV = 500 \times \frac{(1.003333)^{36} - 1}{0.003333}
Result
FV ≈ $18,923

Frequently asked questions

What interest rate should I use?

Use the current APY of the account where you will save. High-yield savings accounts (HYSAs) offered by online banks were paying 4–5% APY in 2024. Traditional savings accounts typically pay 0.4–0.6% APY. For money market accounts, check current rates.

What if I already have some money saved?

Enter your current balance in the "Current Savings" field. The calculator will factor in how that money will grow with interest and reduces the amount you need to save each month.

How do I save for an emergency fund?

Most financial advisors recommend 3–6 months of living expenses. Calculate your monthly expenses, multiply by 3–6, and enter that as your goal. A HYSA is the typical vehicle for emergency funds due to liquidity and higher interest than a checking account.

What is a realistic savings rate?

The common guideline is to save at least 20% of take-home pay (the 50/30/20 rule). However, any positive savings rate is a starting point. Automating savings by setting up a direct deposit to a HYSA removes the temptation to spend first.

Key terms

Savings Goal
The target amount of money you want to accumulate by a set date.
APY
Annual Percentage Yield — the actual return earned on a savings account per year, accounting for compounding.
HYSA
High-Yield Savings Account — an FDIC-insured savings account offering a significantly higher interest rate than traditional savings accounts.
Future Value of Annuity
The total accumulated value of regular equal payments made over time, with interest.

Methodology, sources & limitations

This page shows the formula, assumptions, and limitations used for this estimate. Rates, thresholds, and other time-sensitive inputs can change, so verify them against the relevant official source before relying on a result.

For our review approach and the primary sources we consult, see the methodology and source policy. If you spot an outdated figure or formula, please contact us with a correction.