# Savings Goal Calculator

URL: https://speedycalculator.com/calculators/finance/savings-goal/
Last updated: 2026-10-25

> The savings goal calculator works out how much you need to save each period – monthly, weekly or yearly – to reach a savings goal by a target time, from your starting savings, interest rate and compounding, with optional yearly deposit increases.

## Inputs

- Savings goal
- Current savings
- Time to reach the goal (years, months)
- Annual interest rate (%)
- Compounding frequency
- Deposit frequency
- Deposits made at
- Yearly increase of deposits (%)

## Results

- Number of deposits
- Required deposit (first)
- Total deposits
- Interest earned

## Formula

```
Rate per period i = (1 + r ÷ m)^(m ÷ f) − 1, n = years × f
Required deposit = (goal − P(1 + i)^n) × (i − g) ÷ (((1 + i)^n − (1 + g)^n)(1 + i × timing))
```

## Explanation

Breaking a goal into a regular deposit makes it achievable. Automating the deposit right after payday is the easiest way to stick with it.

### How to use the Savings Goal Calculator

- **Savings goal**
- **Current savings**
- **Time to reach the goal**
- **Annual interest rate**
- **Compounding frequency**
- **Deposit frequency**
- **Deposits made at**
- **Yearly increase of deposits**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter your goal, current savings, the time to reach the goal, interest rate, compounding, deposit frequency, timing and yearly deposit increase.

### Tips

- Use your real spending from bank statements rather than guesses.
- Automate savings so they happen before you spend.
- Revisit your plan once a year or after any big life change.
- Keep an emergency fund before investing for long-term goals.

### Common mistakes to avoid

- Underestimating irregular expenses such as car repairs, gifts and annual bills.
- Ignoring inflation for long-term goals.
- Taking on high-interest debt to fund wants.

### Inputs explained

FieldWhat to enterSavings goalAmount in your currencyCurrent savingsAmount in your currencyTime to reach the goalUnits: years, monthsAnnual interest rateIn %Compounding frequencyChoose one: Yearly, Semi-annually, Quarterly, Monthly …Deposit frequencyChoose one: Monthly, Semi-monthly, Bi-weekly, Weekly …Deposits made atChoose one: End of each period, Beginning of each periodYearly increase of depositsIn %

### What each result means

- **Number of deposits** = round([Time to reach the goal]×[Deposit frequency])
- **Required deposit (first)** = max(([Savings goal] - [Current savings]×(1 + effr([Annual interest rate]÷100, [Compounding frequency]))^[Time to reach the goal])÷gfv([Rate per period], [Number of deposits], 1, [Growth per period], [Deposits made at]), 0)
- **Interest earned** = [Savings goal] - [Total deposits]

### Example values

How the main result changes when **Savings goal** changes and everything else stays at the example values above:

Savings goalRequired deposit (first)12,500265.4718,750427.9525,000590.4331,250752.9137,500915.3950,0001,240.35

## Worked example

Inputs — Savings goal: $25,000; Current savings: $2,000; Time to reach the goal: 3 years; Annual interest rate: 4.5 %; Compounding frequency: Monthly; Deposit frequency: Monthly; Deposits made at: End of each period; Yearly increase of deposits: 0 %.

Results — Number of deposits = 36; **Required deposit (first) = $590.43**; Total deposits = $23,255.45; Interest earned = $1,744.55.

## FAQ

**How much should I save each month for my goal?**
(Goal − savings with interest) spread over the months available.

**Where should I keep money for a short-term goal?**
In a high-yield savings account or CDs.

**What if I can't afford the required deposit?**
Extend the deadline, lower the goal or raise income.

**What formula does the Savings Goal Calculator use?**
Rate per period i = (1 + r ÷ m)^(m ÷ f) − 1, n = years × f.