About the Savings Goal
Most savings advice fails because the target is a vague ambition rather than a monthly number. Enter what you want, when you want it, and what you already have, and this calculator returns the exact monthly contribution required — including whatever your savings interest contributes on your behalf.
How to use the Savings Goal
- Enter your goal amount and the amount you have saved already.
- Enter how many months you have until you need the money.
- Add the annual interest rate your savings account pays, if any.
- Check whether the required monthly amount fits your budget; if not, extend the deadline or lower the target.
Frequently asked questions
Should I include interest for a short-term goal?
Barely worth it. Over 12 months at 4%, interest covers a small fraction of the goal. For horizons beyond three years it starts to matter meaningfully.
What if the required monthly amount is unaffordable?
You have three levers: extend the timeline, reduce the target, or increase income. Extending the timeline is usually the least painful and has the largest effect.
Where should short-term savings sit?
Money needed within a few years generally belongs in cash or a high-interest savings account rather than invested, because a market fall right before the deadline cannot be waited out.
Does it account for inflation?
No. If the goal is several years away and priced in today’s money — a car, a wedding — consider raising the target by a few percent per year.