Savings Goal Calculator

About this calculator

This calculator works out how much needs to be set aside on a regular basis to reach a specific savings target by a chosen date, taking into account any interest the balance might earn along the way. Because interest reduces how much of the target has to come from contributions alone, the required deposit amount is usually smaller than a simple division of the goal by the number of periods.

People use it when saving toward a concrete goal with a deadline, such as a vacation, a wedding, a down payment, or a big purchase, since it turns a vague goal into a specific weekly or monthly amount to set aside. It's also useful for checking whether a current savings pace is actually on track to meet a target date.