Savings Calculators
Savings Goal Calculator
Work out the monthly amount needed to reach a savings target by a chosen date, allowing for interest earned.
Monthly saving required
$487.06
- Total you contribute
- $23,379
- Interest earned
- $2,621
- Balance at the target date
- $30,000
How this calculator works
Monthly = (goal − starting × (1 + r)^n) × r ÷ ((1 + r)^n − 1)
- r
- the monthly interest rate
- n
- the number of months
Example calculation
Illustrative example — not advice
Worked example — the savings goal calculator as it loads, using the default figures below.
- 01Enter savings goal: $30,000.
- 02Enter starting balance: $4,000.
- 03Enter years to save: 4 years.
- 04Enter annual interest rate: 4%.
- 05Read the monthly saving required from the results panel: $487.06.
Monthly saving required: $487.06. Total you contribute: $23,379. Interest earned: $2,621. Balance at the target date: $30,000.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- Interest on savings may be taxable depending on the account.
- Automating the transfer on payday is the single biggest predictor of hitting a goal.
Related calculators
- Emergency Fund CalculatorEmergency fund target and time to build it.
- Savings Rate CalculatorYour true savings rate and what it buys.
- Compound Interest CalculatorProject the growth of a balance with compounding and regular contributions.
- Budget CalculatorNeeds, wants and savings from your take-home pay.
- Certificate of Deposit CalculatorMaturity value of a fixed-term deposit.
- Money Market CalculatorHigh-yield savings balance over time.
Terms used here
Frequently asked questions
Should a short-term goal be invested?
Rarely. Money needed within a few years is usually better in cash than exposed to market falls.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01