Efficiency Sheets
Simple Sheets
Savings Goal Calculator: How Much to Save Each Month
Enter a savings goal, what you have now and a target date. See exactly how much to save each month, or how long it takes at the amount you can afford.
Save each month
$367
to have $5,000 by –
Progress today
10%
$4,500 to go
At $300 a month you reach $5,000 in 1 yr 3 mo, around –.
How it is worked out
- Monthly amount = (goal − saved so far) ÷ months until the target date.
- With interest, each month's balance grows by the yearly rate ÷ 12 before your next deposit.
- Months to reach the goal assume the same deposit every month.
Questions
Where should I keep money for a goal?
For goals under about five years away, a high-yield savings account is the usual choice, because the money stays safe and easy to reach.
What if I can't afford the monthly amount?
Move the date later, lower the goal, or start with what you can and raise it when your income goes up.
Should I save for several goals at once?
Yes, many people do. Give each goal its own monthly amount so you can see each one's progress.
