Savings Goal Calculator
Monthly amount to hit a savings target
Saving for a house, car or emergency fund? Enter your goal, what you have already saved, an expected return and your timeframe. You'll get the amount to put aside monthly, weekly and fortnightly — because most people budget by payday, not by calendar month.
How much do I need to save each month?
This savings target calculator answers how much to save to reach goal, and works as a money goal calculator, a saving for a goal calculator, a how long to save calculator (compare timeframes) and a savings goal calculator weekly, since it shows the weekly figure alongside the monthly one. If you only want to know how much to save, read the first number.
Work backwards from the goal. Subtract what your current savings will grow to, then spread the rest across the months, allowing for growth on each contribution.
For a $50,000 goal in 10 years with $5,000 already saved at a 6% return, that is $249.59 a month — or $57.60 a week, which is the number most people can actually judge against their budget.
How the timeframe changes everything
| Timeframe | Monthly | Weekly | You contribute |
|---|---|---|---|
| 3 years | $1,118.99 | $258.23 | $40,284 |
| 5 years | $619.98 | $143.07 | $37,199 |
| 10 years | $249.59 | $57.60 | $29,951 |
| 15 years | $129.74 | $29.94 | $23,353 |
| 20 years | $72.39 | $16.71 | $17,374 |
Doubling the timeframe from 10 to 20 years cuts the monthly figure by more than two thirds, and you contribute $12,000 less overall. The growth makes up the difference. Time is the cheapest input you have.
What return should you assume?
| Assumed return | Monthly needed | Reasonable for |
|---|---|---|
| 0% | $375.00 | Cash under the mattress, or a plain current account |
| 2% | $330.73 | Basic savings account |
| 4% | $288.94 | High-yield savings or CDs |
| 6% | $249.59 | Diversified long-term investment |
| 8% | $212.64 | Optimistic; equity-heavy and volatile |
Be conservative. Assuming 8% and getting 5% leaves you short at the deadline, and the closer the goal the less any return matters — over three years the difference between 0% and 6% is under $120 a month.
Common goals and what they cost weekly
| Goal | Target | Monthly | Weekly |
|---|---|---|---|
| Emergency fund | $10,000 | $151 | $35 |
| Wedding | $15,000 | $226 | $52 |
| Car | $25,000 | $377 | $87 |
| House deposit | $60,000 | $905 | $209 |
Match the account to the timeline
For goals within a year or two, keep the money somewhere it cannot fall: a high-yield savings account or a CD, and assume a low return. For goals a decade or more away, invested money can reasonably grow faster, but the value will swing on the way and you should not count on a smooth line.
The awkward middle — three to five years — is genuinely hard, and there is no clean answer. Many people split it, keeping the portion they would need first in cash.
Automate it and revisit yearly
Savers who hit goals almost always automate the transfer for the day after payday, so it leaves before it can be spent. Re-run this once a year: a raise, a windfall or a shifted deadline can cut the amount you need, and watching the gap close is its own motivation.
Where savings plans fail
- Assuming a return you will not get. Conservative beats optimistic when there is a deadline.
- Dividing the month by four for a weekly figure. There are 4.33 weeks in a month; that error leaves you 8% short.
- Investing money you need within two years. A bad year at the wrong moment is unrecoverable.
- Not automating, which turns saving into a monthly decision you can lose.
- Ignoring inflation on distant goals. A $60,000 deposit in 15 years buys less than $60,000 today.
How this savings goal calculator works out its numbers
The monthly figure is the standard future-value annuity payment: the target, less the projected growth of what you have already saved, spread across the months at the monthly equivalent of your annual return.
- Weekly is the monthly figure × 12 ÷ 52, and fortnightly × 12 ÷ 26. These are exact conversions of an annual total, not a month divided by four, which would understate it.
- Set the return to 0 for a plain savings account and the maths reduces to target minus current, divided by the months.
- The calculator assumes a steady return and level contributions, and ignores tax and inflation. Real returns vary year to year, so treat distant projections as a plan rather than a forecast. Nothing here is financial advice.
Figures reviewed . Every worked example on this page is checked against the calculator above.
Savings Goal Calculator: frequently asked questions
How much should I save each month to reach my goal?
Work backwards from the target, subtract what your current savings will grow to, and spread the rest across the months. For a $50,000 goal in 10 years with $5,000 saved at 6%, that is $249.59 a month.
How do I work out my savings goal weekly?
Multiply the monthly figure by 12 and divide by 52. $249.59 a month is $57.60 a week, or $115.20 every two weeks. Do not divide the month by four, because there are 4.33 weeks in an average month and that error leaves you about 8% short.
What return should I assume for savings?
Use a conservative savings or CD rate for short-term goals and a diversified long-term estimate for distant ones. Being conservative matters more than being accurate: assuming 8% and getting 5% leaves you short at the deadline.
How long will it take to reach my savings goal?
Enter different timeframes and compare the monthly figures. A $50,000 goal needs $1,119 a month over 3 years but only $249.59 over 10 — and you contribute $10,000 less overall, because growth covers more of it.
Does this work with no interest?
Yes. Set the return to 0 and the calculation reduces to your target minus current savings, divided by the number of months. That is the right setting for a current account or cash.
Where should I keep money I'm saving for a goal?
Match the account to the timeline: high-yield savings or a CD within a couple of years, and a diversified investment account for goals a decade or more away. For three to five years many people split it, holding the part they would need first in cash.
Does the calculator account for inflation and tax?
No. It assumes a steady return and level contributions and ignores both. For distant goals, remember that the target itself will buy less than it does today, so consider setting it higher than today's price.