Savings Goal Calculator
Explain like I'm 5 (what even is this calculator?)
You want a specific amount of money by a specific date. This tells you how much to put aside every month between now and then to get there. If you're earning interest along the way, it factors that in, and the monthly number comes out a bit smaller.
You'll need to save
–
Breakdown
- Monthly contribution–
- Time to goal–
- Starting balance–
- Total contributions–
- Interest earned–
- Final balance–
Show workings
How the calculation works
The maths is standard future-value-of-an-annuity. If you already have some money saved, it grows at the interest rate you specified over the period (the "starting balance" component). The monthly contributions each earn interest from the month they arrive to the target date. Add those two things together, set them equal to the target, and solve for the monthly payment. If the interest rate is zero the formula collapses to the obvious (target minus start) divided by months.
End-of-month contributions (annuity-immediate) are the convention, which is very slightly more conservative than start-of-month. The difference across most savings horizons is rounding dust.
When not to use this
For stock-market investments, don't. The interest rate is not fixed, returns come as a distribution, and a calculator that pretends otherwise will either scare you or make you complacent. Use a proper investment tool that shows a range of outcomes. The Compound Interest Calculator is better for "if I contribute X per month for Y years at an expected Z% return, roughly how much will I have?" style questions, and has an inflation toggle.
Cash savings rates right now
UK easy-access rates as of early 2026 are somewhere between 3.5% and 4.5% AER for the best accounts, with cash ISAs similar. US high-yield savings are roughly 4% to 5% APY depending on the provider. Fixed-rate bonds pay a bit more for locking the money up. These numbers move, so check what your own account actually pays before assuming.
Related calculators
Savings goals sit alongside the other household money tools.
Common questions
How do I calculate monthly savings needed for a goal?
No interest: (target - starting balance) ÷ months. With interest: PMT = (FV - PV × (1+r)^n) ÷ [((1+r)^n - 1) / r] where r is the monthly rate and n is months. This calculator does it for you.
Should I include expected interest on my savings?
Yes, if you're saving in a cash account with a reasonably predictable rate. No, if the horizon is under a year or if you're saving in a current account paying next to nothing.
What about inflation?
Not factored in. For multi-year goals priced in today's money, either bump your target up by expected inflation first, or use the Compound Interest Calculator which handles that toggle directly.
Is any of my data sent anywhere?
No. Everything is worked out in your browser. Nothing is transmitted or stored server-side.