Finance
Savings Goal Calculator
Find the monthly deposit needed to reach a savings target by a chosen date.
A monthly deposit of $714.98 means saving that amount each month for 24 months, together with the growth of current savings, reaches the target amount.
Formula
The required monthly deposit comes from the future-value-of-an-annuity formula, adjusted for the growth of your current savings.
How it works
Enter what you want, what you already have, and how long you have. The calculator assumes deposits at the end of each month and a steady rate.
Worked example
For example, with a target amount of $20000, current savings of $2000, an annual interest rate of 4%, and 24 months to the goal, the monthly deposit needed is $714.98.
FAQs
What if I already have more than the target?
Then no monthly deposit is needed — you are already there.
Does the rate matter much over short periods?
Less over months, more over years.
What if I miss a month?
You would need slightly larger later deposits to catch up.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.
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