Savings Goal Calculator
Work out how much to put aside each month, or what your savings will grow to.
Final balance
$39,366.51
You put in
$31,000.00
Interest earned
$8,366.51
Growth by year
Each bar is one year. Interest is compounded monthly and deposits are made at the end of each month.
How to use Savings Goal Calculator
- 01Enter what you already have saved and your target amount.
- 02Add your interest rate and either a monthly deposit or a target date.
- 03Read the result, and use the year-by-year table to see how the balance builds.
About Savings Goal Calculator
Saving works on the same compounding maths as investing: each period's interest is added to the balance, so later interest is earned on earlier interest as well as on your deposits.
Two things dominate the outcome — how much you add each month and how long you leave it. Interest rate matters, but over short horizons the deposit amount does far more work than the rate does.
Results here are before tax and inflation. If you want a figure in today's money, subtract expected inflation from your interest rate and use that lower number instead.
Frequently asked questions
- Does this account for tax?
- No, results are before tax. Tax treatment depends on your country and account type.
- How often is interest compounded?
- Monthly by default, which matches most savings accounts. You can change the frequency.
- Can it tell me my monthly amount?
- Yes — enter a target and a date and it works backwards to the deposit you need.
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