Savings Goal Calculator

How to use it

Enter your savings goal, the amount you already have saved, how many months you have to reach it, and the APY your savings earns. Press Calculate to see the monthly contribution you need, the total you will contribute, and the interest you will earn. Try changing the timeline or the APY to see how the monthly amount moves.

How the math works

The calculator first works out the monthly interest rate as APY divided by 100, divided by 12. If your goal is already reached, the monthly amount is 0. If you earn interest, it solves for the regular monthly payment that, together with interest on your starting balance and on each contribution, grows to your goal by the end of the timeline. With no interest, it simply divides the remaining amount by the number of months. Total contributed is the monthly amount times the number of months, and interest earned is the goal minus your starting balance minus the total contributed, never below 0.

Tips to reach your goal faster

Automate the transfer on payday so the money moves before you can spend it. Raise the amount whenever your income rises, and put windfalls such as bonuses toward the goal. Keep the money in an account that pays interest, and shorten the timeline only if the monthly amount stays affordable. Review the plan every few months and adjust the goal or timeline rather than abandoning it.

Frequently Asked Questions

What if I already have some savings?

Enter that amount as your starting balance. The calculator subtracts what you already have, including the interest it will earn, so your monthly contribution only covers what is still missing.

What APY should I use?

Use the rate your savings account actually pays. If you are unsure, start with 0% for a safe estimate, then try your account’s current APY to see how much interest helps.

What if I can’t afford the monthly amount?

Extend the timeline, lower the goal, or increase your starting balance first. A smaller monthly amount you can sustain every month will get you further than a larger amount you abandon after a few weeks.