CalcMyFin

Investing & Growth

Savings Goal Calculator

Pick a goal, like a car, a home or a trip, and a deadline. We'll work out exactly how much to set aside each month, counting what you already have and, if you invest it, the return you expect.

  • Free, no sign-up
  • Private: runs in your browser
  • Updated September 2026

Built and reviewed by the CalcMyFin team. The formula and a worked example are shown below, with sources.

Your goal

$
$
yr
mo
%
Leave at 0% for cash savings. Only add a return if the money will be invested.

How to use the savings goal calculator

  1. Enter your savings goal and how much you've saved so far.
  2. Choose how many years (and months) until you need the money.
  3. Optionally add the yearly return you expect if the money is invested. Leave it at 0% for cash savings.

How it's calculated

With no return, the monthly amount is simply (Goal − Savings) ÷ months. With an expected yearly return R, the monthly rate is i = (1 + R)1/12 − 1, your current savings grow to S(1 + i)n over n months, and the monthly amount is:

PMT = [Goal − S(1 + i)n] × i ÷ [(1 + i)n − 1]

Example

To reach a $30,000 goal in 3 years, starting with $5,000 saved, you'd need to set aside $694.44 a month. If the money were invested and earned an expected 5% a year, it would be about $625.80 a month, though returns aren't guaranteed.

Tips

  • For money you'll need within a few years, keep it somewhere safe and easy to reach. Short-term investing can lose value.
  • Automate a transfer on payday so the money is set aside before you can spend it.
  • Break big goals into monthly milestones to track progress.
  • Buying with savings instead of borrowing means the price you see is the price you pay.

Frequently asked questions

Where should I keep money for a savings goal?
For goals within a few years, most people keep the money somewhere stable and accessible rather than in the stock market, because a market drop right before you need it could delay your goal.
Should I enter an expected return?
Only if the money will actually be invested. For cash savings, leave it at 0%. For longer goals invested in a diversified portfolio, use a conservative figure, since returns aren't guaranteed.
What if I can't afford the monthly amount?
Extend the deadline or lower the goal. Try different timelines above. Adding just a few months can bring the monthly amount down noticeably.
Does this include taxes?
No. If your savings are invested, taxes on gains can reduce your growth slightly.
Save to Buy calculatorHow long to save up and pay cash instead of borrowing.Emergency Fund calculatorYour cash-cushion target and progress.50/30/20 Budget calculatorSplit take-home pay into needs, wants and savings.

Sources

This calculator provides educational estimates only and is not financial, tax, legal or investment advice. Results depend on the assumptions you enter; actual market prices, returns and tax rules may differ.