Money
Savings Goal Calculator
Work out how long it takes to reach a savings target with a fixed monthly contribution. Interest is off by default and only used if you turn it on.
- Enter your target and what you've already saved.
- Enter how much you'll add each month.
- Optionally pick a start month and enable interest.
Not financial advice. Results are estimates based only on the numbers you enter. They are for general information and planning, and are not financial, tax or legal advice. Check important decisions with a qualified adviser or your lender.
How it works
Enter your target amount, what you have already saved, and how much you will add each month. Without interest the calculator subtracts your current savings from the target and divides the rest by your monthly deposit, rounding up because a part-month still needs a deposit.
If you turn on interest, the calculator steps through each month: it adds one month of interest to the balance, then adds your deposit, until the target is reached. Interest is off by default because returns are not guaranteed. If you choose a start month, it also shows the month of your final deposit.
Try changing the monthly deposit by a small amount to see how much sooner you could finish. Moving from 250 to 300 a month on a 6,000 goal, for example, cuts the time from 24 months to 20. Seeing the trade-off in months often makes it easier to decide what you can realistically put aside, and the Budget calculator can confirm the deposit fits alongside your other costs.
Formula
Remaining = Target − Current savings
Months = ⌈Remaining ÷ Monthly contribution⌉ (no interest)
With interest: each month, Balance = Balance × (1 + Rate ÷ 12) + Contribution
Worked examples
Target $10,000, saved $2,500, $500/month: $7,500 ÷ $500 = 15 months.
Emergency fund
Target 6,000, saved 1,000, 250 a month: 5,000 ÷ 250 = 20 months.
Holiday
Target 2,400, saved 0, 300 a month from March: 8 months, finishing in October.
With interest
Target 10,000, saved 2,000, 400 a month at 4% a year: 19 months, one month sooner than the 20 months without interest.
Understanding the result
Months are rounded up, because a partial final month still needs a deposit. The optional interest rate is a fixed assumption compounded monthly — real returns vary and are never guaranteed.
Common mistakes
- Assuming a high interest rate that your account does not actually pay.
- Picking a monthly deposit your budget cannot support. Check it with the Budget calculator first.
- Forgetting that inflation means the target may need to grow for long goals.
- Counting money you have earmarked for bills as part of your current savings.
When to use it
- Planning an emergency fund, a deposit for a home, or a holiday.
- Deciding how much to save each month to hit a date.
- Seeing how much difference a higher monthly deposit makes.
- Comparing saving with and without an interest-paying account.
FAQs
- Why is interest off by default?
- Assuming returns can make goals look closer than they are. Enable it only if you have a savings account with a known rate.
- What if I contribute nothing?
- Without contributions or interest the goal can't be reached, and the calculator says so.
- How is interest calculated?
- The yearly rate is divided by 12 and applied to the balance each month before that month's deposit is added.
- Why does the finish month look early or late?
- The finish month is the month of your last deposit, counting your start month as the first deposit.
- Is this financial advice?
- No. It is a simple estimate based on your inputs. Real returns and fees vary.
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