Savings goal calculator
Find out how much to save each month to reach a specific dollar amount by your deadline.
Your estimate
- Total new deposits
- $7,545.84
- Projected ending balance
- $10,000.06
Assumes a constant APY and deposits at the end of each month. Excludes taxes, fees, and withdrawals.
How monthly savings add up
Worked example
With $2,000 already saved, a $10,000 goal, and 24 months at 4% APY, set aside $314.41 per month.
The starting balance grows for the full term. Each monthly deposit earns interest for the months that follow. We solve for the deposit that covers the remaining gap and round it up to the nearest cent.
At 0% APY, divide the remaining amount by the number of months.
Sources
Related calculators
How to turn a goal into a monthly plan
Start with the cost and the date you need the money
Include predictable costs in the target. For a move, that might mean the deposit, moving truck, and first utility bills. Count only the money you’ve already set aside for that goal so the result reflects what’s still left to save.
Try 0% APY as a baseline. A $10,000 goal with $2,000 already saved and 24 months to go takes $333.34 per month after rounding up. Comparing that with your interest-earning scenario shows how much the plan relies on the rate.
Adjust the deadline if the monthly amount doesn’t fit
Compare the result with what your budget can support. If the amount is too high, try a later deadline or a smaller target and see what changes. For a twice-monthly paycheck, you can split the monthly amount into two transfers and check progress against the target each month.