Savings Goal Calculator: Monthly Savings Needed

Work backwards from your savings target

A target and deadline turn an open-ended saving plan into a monthly amount. This tool solves for equal deposits made at each month-end, allowing the starting balance and earlier deposits to grow monthly.

Monthly saving = max(0, (G − P × (1 + r)ⁿ) ÷ (((1 + r)ⁿ − 1) ÷ r)). G is the goal, P is current savings, r is annual rate ÷ 1200, and n is years × 12. At zero interest, use max(0, (G − P) ÷ n).

Example: a target without interest

To grow 2,000 into 8,000 in two years at 0%, save 250 each month. With a positive assumed rate, the required deposit is smaller; a negative rate can require more.

What if I already have enough?

The required contribution is zero when the existing savings alone are projected to meet the target. The result never suggests withdrawals. If you use a negative rate, a balance already above the target may still need deposits to offset the projected decline.

Assumptions to review

The rate is a constant scenario with monthly compounding. There are no taxes, fees, withdrawals, or inflation adjustments. The displayed contribution is rounded to two decimals, while the schedule uses full precision. Round up when setting a real transfer and review the plan as circumstances change.

Reference and methodology

Background reading: Investor.gov savings goal calculator. Calculations use the formulas and assumptions explained on this page.

About this calculator

Prepared by the UtilitiesWeb team at The Alpha 1 Company. Estimates are educational illustrations, not personalised financial advice, lending decisions, or guaranteed outcomes. Verify important decisions against provider documents and qualified advice where needed.

Methodology updated: 1 November 2026. Example rates and costs are assumptions, not live market quotes. Amounts are calculated at full precision and rounded for display.