Savings Goal Calculator — How Much to Save Each Month
A goal without a number is just a wish. Whether it's a house deposit, wedding, car or emergency fund — enter the target amount, what you already have, and your deadline. This calculator tells you the exact monthly saving required, and how much interest helps if your savings earn a return.
Assumes deposits at month-end and monthly compounding of any interest.
How to use this tool
- Enter the total amount you need and when you need it.
- Add anything you've already saved — it reduces the monthly load more than you'd think.
- If your savings earn interest (savings account, fixed deposit), add the annual rate.
- Press Calculate to get your exact monthly number — then automate it as a standing order.
Frequently asked questions
How big should an emergency fund be?
The common guideline is 3–6 months of essential expenses — rent, food, utilities, transport. If your income is irregular (freelance, commission), aim closer to 6–9 months. Set that as your target above and pick a realistic deadline.
Should I save monthly or whenever money is left over?
Monthly, automatically, right after payday — \"pay yourself first.\" Money that waits until the end of the month usually gets spent. A standing order for the exact amount this calculator gives you removes the willpower problem entirely.
Where should I keep goal savings?
Money needed within 1–3 years belongs in safe, accessible places: high-yield savings accounts, fixed deposits or money-market funds. Don't put a 12-month goal in the stock market — a bad year can arrive exactly when you need the money.
What if the required monthly amount is more than I can afford?
You have three levers: extend the deadline, lower the target, or increase income. Even moving a 24-month goal to 36 months cuts the monthly requirement by roughly a third. Rerun the calculator with different timelines to find a number you can actually sustain.
Does interest really make a difference on short goals?
On goals under 2 years, interest helps only modestly — the heavy lifting is your deposits. Its real power appears over long horizons. Still, parking savings at 4–5% instead of 0% is free money; use the rate field to see exactly what it contributes.