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Savings Goal Calculator

Work out how much to save each week, fortnight or month to hit a target by a set date, or how long your current deposits will take. Interest earned along the way is included.

Updated October 2026 Runs in your browser. Nothing is stored Results update as you type

Your numbers

What do you want to know?

The total you want to end up with, such as a house deposit, an emergency fund, a car or a wedding.

$22,000 still to go

What you have already put aside for this goal. It earns interest too, so it does some of the work for you.

How long you have until you need the money. Use decimals for part years: 1.5 is 18 months.
years

Goal date: Oct 2029

Deposit frequency
Fortnightly means every two weeks (often called biweekly in the US): 26 deposits a year. Matching your pay cycle is usually easiest.

The annual interest rate your savings earn. We compound it monthly, which is how most savings accounts pay interest. Use 0 for cash that earns nothing.
%

Save each month

$566.19

for 3 yrs to reach $25,000 by Oct 2029

Total you deposit
$20,383

36 monthly deposits

Interest earned
$1,617

6.5% of your goal

Per year
$6,794

Across 12 deposits

Goal date
Oct 2029

3 yrs

Interest covers $1,617 of your goal, so you only deposit $20,383 of the $22,000 gap. Starting a year later would mean saving $866.71 a month instead, $300.51 more each time, to hit the same date.

How you reach $25,000

  • Already saved$3,00012%
  • Your deposits$20,38382%
  • Interest$1,6176%

Your savings over time

  • Already saved
  • Deposits
  • Interest
$0$10K$20K$30KNowApr 2027Oct 2027Apr 2028Oct 2028Apr 2029Oct 2029InterestDepositsAlready saved

The top edge is your balance. Goal: $25,000.

Progress by year (3 rows)
YearDepositsInterestBalanceOf goal
1$6,794$248$10,04340%
2$6,794$535$17,37269%
3$6,794$834$25,000100%

How to use this savings goal calculator

The calculator works in two directions. Pick the question you want answered at the top, and the form shows only the inputs you need.

  1. Choose "How much to save" if you have a deadline, or "How long it takes" if you know what you can put away each time.
  2. Enter your savings goal and how much you have already saved towards it.
  3. Set the time frame or the deposit. For "How much to save", enter the years until you need the money (1.5 means 18 months). For "How long it takes", enter your regular deposit.
  4. Pick a deposit frequency (monthly, fortnightly or weekly) to match your pay cycle, and enter the interest rate your account pays.

The chart shows your balance building towards the goal, split into what you already had, your deposits, and the interest earned.

The formulas behind your savings plan

Deposit = (G − S × (1 + i)n) × i ÷ ((1 + i)n − 1)

G = goal · S = already saved · n = number of deposits · i = interest rate per deposit period

n = ln((G × i + D) ÷ (S × i + D)) ÷ ln(1 + i)

D = your regular deposit. The answer is rounded up to a whole number of deposits.

The first formula works out how much your current savings will grow to on their own, then finds the deposit that fills the remaining gap, allowing for the interest each deposit earns. The second solves for time instead. Interest is compounded monthly, which is how most savings accounts pay it. For weekly or fortnightly deposits, the calculator uses the equivalent rate per period, so the yearly growth is the same whichever frequency you choose. Deposits are assumed to arrive at the end of each period. At 0%, the maths simplifies to the gap divided by the number of deposits.

Worked example

You want $25,000 in 3 years, you have $3,000 already, and your account pays 4%. With monthly deposits, i = 0.04 ÷ 12 = 0.333% and n = 36.

  • Your $3,000 grows to $3,000 × (1 + 0.04 ÷ 12)36 = $3,381.82, leaving a gap of $21,618.18.
  • Your deposits grow by a combined factor of ((1 + 0.04 ÷ 12)36 − 1) ÷ (0.04 ÷ 12) = 38.18.
  • Monthly deposit = $21,618.18 ÷ 38.18 = $566.19.

Over 36 months you deposit $20,383 and earn $1,617 in interest. If you waited a year before starting (while your $3,000 kept earning), you would need $866.71 a month to hit the same date, $300.51 more each time.

Flip it around with "How long it takes" and $500 a month: you reach the goal after 41 deposits, or 3 years and 5 months, with $1,866 of interest. At 0% it would take 44 months, and adding $50 to each deposit gets you there 4 months sooner.

Setting a goal you will actually hit

A clear number and a date turn "I should save more" into a plan. A few common goals and how people usually size them:

GoalHow to size it
Emergency fundThree to six months of essential expenses is a widely used guideline. Start with one month if that feels out of reach.
House deposit or down paymentOften 5 to 20% of the price, plus closing costs. Check what you need with the home affordability calculator.
CarThe full price to avoid a loan, or a deposit that keeps the loan small.
Holiday, wedding or big purchaseGet real quotes, then add 10% for the extras that always appear.

For goals more than a few years away, remember that prices rise. A $25,000 goal in five years may need to be bigger to buy the same thing. The inflation calculator shows how much.

Starting now beats saving harder later. In the example, a one-year delay pushes the monthly deposit up by more than half, from $566 to $867. Even a small automatic transfer this month keeps the plan affordable.

Tips to reach your goal faster

  • Automate it. Schedule a transfer for the day after payday so the money moves before you can spend it.
  • Use a separate account. Keeping goal money apart from everyday spending makes it easier to leave alone and to track progress.
  • Add windfalls. Tax refunds, bonuses and gifts can cut months off a goal. Add them to "Already saved" and re-run the plan.
  • Shop around for the rate. Moving from 0% to 4% saves 3 months on the default "How long it takes" example. Online banks and savings accounts with conditions (such as a minimum monthly deposit) often pay more.
  • Clear expensive debt first. Earning 4% on savings while paying 20% or more on a credit card loses money. The debt payoff planner helps you sequence the two.

Weekly, fortnightly or monthly?

Choose whatever matches your pay. The maths barely changes: in the default example you need $566.19 a month, $261.09 a fortnight or $130.49 a week. Over a year that is $6,794, $6,788 or $6,785, because money that arrives sooner earns a little more interest. The real advantage of saving every payday is that the money moves before you have a chance to spend it, and smaller, more frequent amounts often feel easier to manage.

Where people keep goal savings

The right home for your savings depends on when you need the money and where you live. Names differ, but the options are similar:

  • United States: high-yield savings accounts, money market accounts and CDs (certificates of deposit) for a fixed term.
  • United Kingdom: easy-access and regular savings accounts, fixed-rate bonds, and cash ISAs, which shelter interest from tax. A Lifetime ISA can help with a first home.
  • Australia and New Zealand: online and bonus saver accounts, term deposits, and offset accounts if you already have a home loan.
  • Canada: high-interest savings accounts (HISAs), GICs for a fixed term, and TFSAs or the FHSA for a first home.

Whatever you choose, check whether the rate is introductory, whether it depends on conditions, and how quickly you can get your money out. When the goal is decades away, such as retirement, the retirement calculator is a better fit.

Frequently asked questions

How much should I save each month?
It depends on the goal and the deadline, which is exactly what this calculator answers. As a starting point, many people aim to save at least 10 to 20% of take-home pay across all their goals. If the amount shown is more than you can manage, try a longer time frame or a smaller first milestone.
Is it better to save weekly or monthly?
Financially, the difference is small: weekly deposits reach the account sooner, so they earn a little more interest. In the default example, saving weekly needs about $26 less in total over three years. The bigger benefit is habit. Matching your deposits to your pay cycle makes saving automatic, and automatic saving is far more likely to stick.
Does the calculator include tax on interest?
No. Interest on savings is taxable in many countries unless it is in a tax-free account such as an ISA in the UK or a TFSA in Canada. If you expect to pay tax on the interest, enter a slightly lower rate to allow for it.
What if my interest rate changes?
Savings rates are usually variable, so the real result will drift a little. The calculator uses one rate for the whole period. Check in every few months and re-run it with your current balance and rate to see if you are still on track.
Should I invest the money instead of saving it?
For short-term goals, usually under about five years, most people keep the money in cash or term deposits because they cannot afford a market fall right before they need it. For longer goals, investing may earn more but comes with risk. The compound interest calculator shows how different returns compare over time.
Why does "How long it takes" overshoot my goal?
Deposits are whole amounts, so the last one usually takes you a little past the target. The "Final balance" figure shows by how much. You could make that last deposit smaller and still hit the goal on the same date.

This calculator gives estimates for education and planning. It is not financial advice, and your lender's figures may differ. See how we calculate.