Savings Goal Calculator
Two questions, one calculator: how long until you reach your target at your current pace, or how much you'd need to put aside each month to get there on time.
Fill in the fields to see your result.
Year-by-year progress
What you add each year, what the interest adds, and where the balance stands.
Two ways to plan a savings goal
Most savings questions are one of two shapes, and this calculator does both.
- "How long will this take?" — you know what you can put aside each month and want to know when you'll get there.
- "How much do I need a month?" — you have a deadline (a deposit, a wedding, a trip) and need to know what it costs you monthly to hit it.
Use the toggle at the top to switch between them. Both include the interest your savings earn along the way, which is the part people leave out when they do this on paper.
The maths
To find the monthly amount needed to reach a goal by a deadline:
With no interest it collapses to the obvious thing: (goal − saved) ÷ months. For the "how long" direction there's no clean rearrangement, so the calculator steps forward month by month until the balance crosses your goal — which is also how it builds the year-by-year table.
Two worked examples
How long? Goal of 20,000, 2,000 already saved, putting away 400 a month at 4%:
- You get there in 3 years 6 months (42 months)
- You contribute 16,800; interest adds about 1,501
- Without interest it would have taken 45 months — so the interest bought you three months
How much a month? Same 20,000 goal and 2,000 saved, but you want it in 4 years at 4%:
- You need about 340 a month
- Without interest you'd need 375 a month
- So the interest is quietly paying about 35 a month of your goal for you
Where the rate actually matters
For short goals — under about three years — the interest rate barely moves the answer. Saving 20,000 over two years takes roughly the same monthly amount at 0% as it does at 4%, because there simply isn't time for compounding to do much. Chasing a slightly better savings rate for a short goal is rarely worth the paperwork.
Over five years and beyond, it starts to count properly. That's the point where it's worth moving the money somewhere that actually pays — and where leaving it in a current account earning nothing has a real cost.
Making the goal more likely to happen
- Automate it. A standing order that leaves your account the day after payday works far better than saving whatever's left at the end of the month — because there's rarely anything left.
- Keep it separate. Money in its own named account gets spent much less often than money sitting in your current account.
- Raise it with your pay. Increasing the amount when your income rises is the least painful way to save more, because you never adjust to the money.
- Build a small emergency fund first. Without one, the first unexpected bill comes straight out of your goal — and it usually does.
Frequently asked questions
Which mode should I use?
Use 'How long?' when the monthly amount is the fixed part — you know what you can spare and want a realistic date. Use 'How much a month?' when the deadline is fixed — a deposit, a wedding, a trip — and you need to know what it costs you to get there in time. It's worth running both: seeing the required monthly figure for your deadline sometimes makes a later deadline look a lot more sensible.
What interest rate should I put in?
Whatever your savings account actually pays — the AER or APY figure. If the money is sitting in a current account earning nothing, put 0; the calculator handles that fine and the result is honest. Don't use investment returns for a short-term goal: money you need within a few years generally shouldn't be anywhere it can fall in value.
When are my savings added?
At the end of each month, after that month's interest is credited. It's the conservative assumption, so if your provider does it the other way round you'll reach your goal very slightly sooner than shown.
Does it account for inflation?
No. The figures are in today's money. For a goal a few years out that's usually fine, but for something ten or more years away, remember the target itself will probably cost more by then — so consider raising the goal, or subtracting inflation from the interest rate for a more cautious view.
Why does the interest barely help on short goals?
Because compounding needs time. Over two years on a modest balance, interest adds a small amount; over ten years on a growing balance, it can cover a serious chunk of the goal. The badge above your result shows what proportion of the goal the interest is covering, so you can see at a glance whether the rate is doing real work or not.
Are my figures stored?
No. Everything runs in your own browser. Nothing you type is uploaded, saved or shared, and there's no sign-up.
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Please note: CalcuLane gives estimates for general information only and is not financial advice. Lenders round differently, and fees, insurance and payment-date rules can change what you actually pay. Always confirm figures with your lender before committing to a loan.