Savings Goal Calculator
Pick a mode: find out how much to save every month to hit a target, or discover how long your current savings rate will take to get you there.
Balance over time
How to plan your savings goal
Saving for something specific — an emergency fund, a holiday, a house deposit, a car — is much more powerful with a concrete monthly target. Knowing the exact number stops vague intentions from becoming excuses.
Required monthly saving formula
PMT = FV × r / ((1 + r)n − 1)
- FV — your savings goal (future value)
- r — monthly interest rate (annual rate ÷ 12)
- n — number of months
Tips to reach your goal faster
- Automate: set up a standing order the day you get paid so the money moves before you can spend it.
- Use a high-yield account: even 4–5% APY meaningfully reduces what you need to deposit each month.
- Start with what you have: existing savings compound silently — enter them above to see the difference.
- Increase annually: if you get a raise, funnel some of it straight to your goal.
Frequently asked questions
How do I calculate how much to save per month?
The formula for the required monthly deposit to reach a future value FV is: PMT = FV × r / ((1 + r)^n − 1), where r is the monthly interest rate (annual rate ÷ 12) and n is the number of months. If you have existing savings, those grow separately and reduce what you need to add each month.
How long will it take me to save a certain amount?
Given a monthly saving amount PMT and a target FV, the number of months is: n = log(FV × r / PMT + 1) / log(1 + r). If the rate is zero, it's simply FV ÷ PMT months. Enter your numbers in the calculator above to get an instant answer.
Does it matter how often my savings account compounds?
For savings accounts the difference between daily and monthly compounding is usually very small. This calculator uses monthly compounding, which is the most common for savings accounts. For higher-rate investments (e.g. index funds with 7–10% expected returns) the compounding frequency matters more over long time horizons.
Should I include my existing savings?
Yes — if you already have money saved towards your goal, enter it in the 'Current savings' field. Those funds grow at the same rate and reduce the monthly amount you need to add.
CalcOrchard is a free educational tool. Results are estimates assuming a constant rate of return. This is not financial advice.