Turn a goal into a monthly plan
Whether you are saving for a holiday, an emergency fund, a car or a down payment, this calculator tells you how much to set aside each month. It accounts for money you already have and for interest earned along the way.
How it is calculated
First, your current savings are grown at the expected rate for the chosen time. The remaining gap is then divided into equal monthly deposits using the future value of an annuity formula. If your current savings already reach the goal, the required deposit is zero.
Saving tips
- Automate a transfer on payday so saving happens first.
- Keep goal money in a separate account.
- Use a high-yield savings account to earn more interest.
- Review your plan every six months and adjust the amount.
Frequently asked questions
What return should I enter?
Use the interest rate of your savings account. For investments, use a conservative long-term estimate.
What if I enter 0% return?
The goal is simply divided by the number of months.
Are taxes and inflation included?
No. Results are before taxes and do not adjust for inflation.