Savings Goal Planner

Savings goal planner to calculate how much you need to save each month

A savings goal is only useful if you can turn it into a monthly number you can actually follow. This Savings Goal Planner does exactly that. You enter your target amount, how many months you have, and (optionally) what you already have saved. The calculator then estimates the monthly saving required to reach the goal on time.

This page is locked to one intent: planning a fixed monthly savings amount to hit a single target by a deadline. It is not a retirement planner, it does not model changing income, and it does not optimise portfolios. If your decision is “How much should I save per month to reach this goal by then,” this tool fits. If your decision is “How should I invest across asset classes,” use an investment tool instead.

The advanced interest rate option exists for one reason: many people keep savings in an interest-bearing account. Ignoring interest can overstate the monthly amount you need. Including interest produces a more realistic plan, as long as your interest rate estimate is conservative. The output also shows a simple breakdown so you can see how much comes from your contributions versus interest, which makes it easier to sanity-check your plan.

Assumptions and how to use this calculator

• Monthly contributions are assumed to be equal amounts made at the end of each month.
• The interest rate is assumed to compound monthly at a constant rate for the full period.
• If you leave current savings blank, it is treated as 0 so you still get a usable answer.
• If you leave the interest rate blank, it is treated as 0% and the plan becomes a straight-line savings plan.
• The calculator does not include taxes, fees, inflation, or irregular deposits, so use conservative inputs when unsure.

Common questions

What does “monthly savings required” actually mean?

It is the amount you would need to set aside each month, on average, so that your current savings plus your future monthly contributions (plus any optional interest) reach the target amount by the end of the final month. If you want a buffer for unexpected expenses, increase the target amount slightly and recalculate.

What if my income is irregular or I can only save some months?

This tool assumes consistent monthly saving. If your income is irregular, treat the monthly number as a baseline and build a plan around it. For example, you can save more in high-income months and less in low-income months, as long as the average across the full period matches or exceeds the required monthly amount.

Should I include interest, and what rate should I use?

Include interest if your savings will sit in an account that pays interest and you expect to leave the money there. Use a conservative annual rate that you are likely to achieve after typical account changes. If you do not know the rate, leave it blank and use the 0% result as a safe upper bound for monthly saving.

Why does the monthly amount change a lot when I add interest?

Interest can contribute meaningfully over long periods, especially when you already have a starting balance. The calculator treats interest as compounding monthly, so the effect grows with time and with higher rates. If the interest-based result seems too optimistic, reduce the rate and recheck until the plan feels realistic.

What if my current savings already cover the goal?

If your current savings (including optional interest growth over the time period) are enough to reach the target, the required monthly savings can be 0. In that case, the useful decision is whether you still want to contribute monthly to create a buffer above the goal, or shorten the timeline and repurpose the monthly cash flow.