Money · savings
Savings Goal Calculator
By the Dailycaltor team · formula-verified · last updated July 2026
How much to put away each month to hit your goal.
Details
Formula
Required monthly saving = Goal × r ÷ ((1+r)n − 1), where r is the monthly interest rate and n the number of months. Interest does part of the work, so you deposit less than the goal.
Worked examples
- $20,000 in 5 years at 4% → about $302/month (you deposit ~$18,100; interest adds the rest).
- $5,000 emergency fund in 1 year at 4% → about $409/month.
- $100,000 in 15 years at 6% → about $344/month.
Common mistakes
- Dividing goal by months and ignoring interest — you end up over-saving or mis-planning.
- Using an optimistic return for short-term goals; keep short-term money in safe accounts.
- Not automating the transfer — goals fail on willpower, not math.
Last updated: July 2026. Educational estimates only.
Questions
How much should I save per month?
Enter your target, years and expected rate — the tool gives the exact monthly figure.
Where should goal money sit?
Short-term goals suit high-yield savings; longer goals can consider investments, with more risk.
Does starting earlier matter?
Yes — more months means each deposit is smaller and interest contributes more.
What rate should I assume?
Use your actual savings-account APY for safety; long-term investing averages are higher but not guaranteed.
What if I already have some savings?
Subtract its projected future value from the goal, then plan the remainder here.
Is interest taxed?
Interest in normal accounts is typically taxable income; tax-advantaged accounts differ.