How to set a savings goal
Turn a target into a monthly number.
1
Set the target
Enter the total cost and what you have already saved.
2
Choose a deadline
Enter the number of months available.
3
Adjust the rate
Leave interest at zero for a conservative plan, or add a rate for a savings account.
What does this tool do?
Whether you are saving for a deposit, a trip or a new laptop, the arithmetic is simple: the gap divided by the months available. This calculator also shows the total contributions and a small interest assumption if you add one.
The Formula
Monthly saving = (Target − Current savings) ÷ MonthsFrequently Asked Questions
Should I include interest in a savings goal?
Only if the money is in an account or investment with a predictable return. For short-term goals, leaving the rate at zero is the more conservative plan.
What if I miss a month?
Recalculate with the remaining months. Increasing the monthly amount or extending the deadline are the two straightforward adjustments.