How this calculator works
It first grows your existing savings forward at your interest rate, subtracts that from the target, and then works out the fixed monthly deposit that fills the remaining gap by the deadline — the standard future-value-of-payments calculation, compounded monthly. If your current savings already cover the goal, the answer is a satisfying zero.
Common questions
What interest rate should I enter?
The rate your savings account actually pays — check your bank. If you're unsure, enter 0: the required monthly amount comes out slightly higher, which just gives you a safety margin.
Should short-term goals be invested instead of saved?
Generally no for goals within about five years. Investments can fall in value right when the deadline arrives. Cash savings are the usual home for short-term goals; investing suits long horizons where you can ride out dips.
What if the monthly number is more than I can afford?
Change one of the other three inputs: push the deadline out, trim the target, or add a lump sum when windfalls arrive. The calculator makes the trade-offs visible so you can pick the one that hurts least.
Can I use this for multiple goals?
Yes — run it once per goal and add the monthly amounts. If the total is too high, that's useful information: it tells you which goals to stagger rather than run in parallel.
This tool is educational and not financial advice. Interest rates change; revisit the numbers when yours does.
- 1.Looking for an easy way to save money? Make it automatic — US Consumer Financial Protection Bureau