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Free calculator

Savings goal calculator

How much to put away each month to reach a goal by a date, or how long it takes at the amount you can afford.

Short answer: monthly saving = (goal − already saved) ÷ months until you need it. For a holiday next summer or a new laptop, that one division is the whole plan. If the money earns interest, you need slightly less each month, and the calculator includes that when you enter a rate.

Your goal

Plan

Runs only in this page. Nothing you type is sent or stored.

Your plan

Enter your goal amount.

Make the goal happen

  1. Name the goal and the date. "Holiday in August" is easier to save for than "some savings".
  2. Automate it on payday. Move the monthly amount the day you are paid, before any spending.
  3. Keep it in its own place. A separate savings account or pot stops it being spent by accident.
  4. Several goals at once? The sinking funds calculator splits one monthly amount across all of them.

No safety net yet? Most people find it worth building an emergency fund before other goals.

Frequently asked questions

How do I calculate how much to save per month?

Subtract what you have already saved from your goal, then divide by the number of months until you need the money. If your savings earn interest, the monthly amount is a little lower; the calculator works that out when you enter a rate.

How long will it take to reach my savings goal?

Divide what is left to save by what you can put away each month. Interest shortens the time slightly. Pick 'Save a monthly amount' above to see the month you get there.

Should I save for a goal before paying off debt?

Most people do best with a small emergency fund first, then paying off high-interest debt, then saving for goals. Low-interest debt can run alongside goal saving.

Where should I keep money for a goal?

Somewhere separate from your spending account, so it is not spent by accident. For goals within a few years, an easy-access or fixed-term savings account is the usual choice.

Related free tools

Emergency fund calculator

Your safety-net target from essential costs, and how long it takes to build.

Sinking funds calculator

Set aside a little each month for the big costs you know are coming.

Latte factor calculator

What a small daily habit adds up to over months and years.

50/30/20 calculator

Split pay into needs, wants and savings, and compare it with your real spending.