Savings Goal Calculator
Monthly amount to reach a savings goal by a date, how long a fixed amount takes, or what you will have — with interest, the no-interest comparison, weekly and daily figures and a progress table.
| Total you deposit | — |
|---|---|
| Interest earned | — |
| Final balance | — |
| Per week / per day | — |
| If the rate were 0% | — |
| In today's money | — |
| Target date | — |
Progress by month
In short
Monthly saving needed = (goal − current savings grown at the rate) × r ÷ ((1 + r)^n − 1), where r is the monthly rate and n the months; at 0% it is simply the gap ÷ months. To reach 20,000 in 24 months with 2,500 saved at 4% takes about 693 a month, or 729 with no interest.
Who this is for: Anyone saving for a deposit, emergency fund, car, wedding, Hajj or education by a date.
Reaching a savings goal
- The formula: monthly amount = (goal − current savings grown) × r ÷ ((1 + r)^n − 1), where r is the monthly rate and n the months. At 0% it is simply the gap ÷ months.
- Interest helps less than you think over short horizons — on a two-year goal at 4% it covers about 4% of the target; over ten years it covers a third. Time, not rate, is the lever.
- Automate it: a standing order on payday for the monthly figure is the single most reliable tactic; the weekly and daily figures make the number feel smaller.
- Where to keep it: emergency funds and goals under 2–3 years belong in cash (high-yield savings, fixed deposits, money-market); longer goals can take some investment risk.
- Common goals: emergency fund (3–6 months of essential spending), house deposit, car, wedding, Hajj or Umrah, a child's education.
Assumptions
- Monthly compounding at rate ÷ 12, deposits at month end; monthly amount from the annuity formula net of existing savings grown.
- Time mode iterates months until the goal is reached.
- Real value deflates the final balance at the inflation rate.
Worked example
You need to save 693 a month (about 160 a week). Deposits total 19,140 and interest adds about 860. Without interest it would be 729 a month. At 600 a month instead, the goal takes 28 months.
Frequently asked questions
How much should I save each month?
A common guideline is 20% of take-home pay across all goals; for a specific target, divide the gap by the months and let interest trim it slightly.
How big should an emergency fund be?
Three to six months of essential expenses; enter that figure as the goal and your timeline to get the monthly amount.
Does the calculator compound monthly?
Yes — interest is added monthly at the annual rate ÷ 12, with each deposit made at the end of the month.
What return should I assume?
Use the actual rate on the account you will use; 4–5% for high-yield savings and fixed deposits in 2026, lower for ordinary accounts.
How much should I save a month for a house deposit?
Decide the deposit and the date, enter what you have, and the calculator gives the monthly figure; 20,000 in two years is about 700 a month at 4%.
Does saving weekly make a difference?
Slightly more interest and often easier to stick to; the weekly figure is the monthly amount × 12 ÷ 52.
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