How the savings goal calculator works
The calculator first projects how much the money you have already saved will grow by your deadline. Whatever is still missing must come from monthly deposits, which also earn interest along the way. It then solves for the level monthly deposit that closes the gap exactly on time, assuming interest compounds monthly and deposits are made at the end of each month.
The formula
Future value of current savings = S × (1 + i)n. Required monthly deposit PMT = (Goal − S × (1 + i)n) × i / ((1 + i)n − 1), where i is the annual rate ÷ 12 and n the number of months. At 0% interest it is simply the remaining amount divided by the months.
Example
To save $10,000 in five years with no interest, you need $166.67 a month. To reach $50,000 in five years starting with $5,000 in a savings account paying 4%, you need roughly $662 a month — interest covers several thousand dollars of the goal for you.
Tips for hitting your goal
Automate the deposit on payday so saving happens before spending. Keep short-term goals (under about three years) in safe places like high-yield savings, CDs or Treasury bills rather than stocks, since a market drop right before your deadline could set you back. Revisit the plan when your income or the interest rate changes.
Frequently asked questions
Where should I keep money for a short-term goal?
High-yield savings accounts, money market accounts, CDs and Treasury bills offer interest with little or no risk of losing principal.
What if I already have more than enough?
If your current savings will grow past the goal on their own, the calculator shows $0 per month.
How big should an emergency fund be?
A common target is three to six months of essential expenses, more if your income is irregular.
Does the interest rate change the result much?
For short timelines the effect is modest; for goals five or more years away it becomes significant.
Results are estimates for educational purposes only and are not financial, tax, legal or medical advice. See our disclaimer. Last reviewed 2026-10-22.