How to use the Savings Goal Calculator
- Enter your goal amount.
- Enter what you've already saved.
- Enter how many years you have.
- Enter the interest rate your savings earn.
What does this tool do?
Whether it's an emergency fund, a deposit for a home or a holiday, a monthly target turns a big number into a manageable habit. The calculator accounts for interest on both your existing savings and each new deposit.
Why use it?
- Turn a goal into a monthly (and weekly) figure.
- See how much interest helps.
- Adjust the deadline until the payment feels realistic.
Example
To reach $20,000 in 3 years with $2,000 already saved and 4% interest, you'd need to save about $464.77 a month — roughly $107 a week.
The formula
PMT = (Goal − Current × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1)
i = annual rate ÷ 12, n = months
Privacy
The calculation happens instantly in your browser. The numbers you enter are not sent to our servers or saved. There's no account to create and nothing to install.
Frequently asked questions
How big should an emergency fund be?
A common guideline is three to six months of essential expenses. Freelancers and single-income households often aim for more.
Last reviewed by the M2Toolkit team.