How much should I save each month to reach my goal?

Enter your goal, time horizon, APY, and current balance. The calculator shows the monthly amount needed with compounding.

Do beginning-of-month deposits reduce the monthly?

Yes. Beginning-of-month deposits earn an extra month of growth and slightly reduce the required monthly.

How does APY affect my savings plan?

Higher APY and more frequent compounding lower the monthly required; lower APY increases it.

What if I already have a large starting balance?

Your current savings are compounded forward. If they exceed the goal at your horizon, the monthly needed is zero.

Savings Goal Calculator (How much per month?)

Enter your goal, timeline, starting balance, and APY to see the monthly amount needed—updated instantly as you type.

Enter your goal, timeline, APY, and current balance to see the monthly amount needed.

Your goal & assumptions

Goal amount

Current savings

Annual rate / APY

Years

Months

Compounding

Deposit timing

Note: This assumes fixed APY and regular monthly deposits. Beginning-of-month deposits grow slightly more than end-of-month deposits.

Savings plan summary

Enter goal, time, APY and current savings.

Results interpretation

If the required monthly amount looks high, extend the timeline or increase the starting balance—both reduce the monthly.
Higher APY (or beginning-of-month deposits) lowers the monthly needed because your money compounds more.
Who it’s for: anyone asking “How much should I save each month” for a trip, car, house fund, emergency fund, or tuition.

How to use the calculator

Enter your goal amount and target timeframe (years + months).
Add your current savings and a realistic APY for your account.
Choose deposit timing (end vs. beginning of month).
Review the monthly needed, total deposits, and interest earned.
Adjust the timeline or APY until the monthly fits your budget.

How this calculator works

Formula & assumptions

We convert your APY to an effective monthly rate based on compounding (monthly/weekly/daily/annual). For N months, the future value of your current savings is PV × (1 + i)^N.

The future value of equal monthly deposits is PMT × (( (1 + i)^N − 1) / i). If deposits happen at the beginning of each month, we multiply by (1 + i) (annuity-due adjustment).

Solving for PMT gives the monthly amount needed so PV-growth + deposits-growth = goal. If i ≈ 0, we switch to a simple linear formula to avoid divide-by-zero.

Assumptions: fixed APY, regular monthly contributions, no taxes/fees. Treat as a planning estimate.

Use cases & examples

Example 1 — Vacation fund: Goal $5,000 in 18 months, $500 saved today, 3.5% APY, monthly compounding → monthly needed around what the tool shows; switching to beginning-of-month deposits trims a few dollars.

Example 2 — Emergency fund: Goal $15,000 in 24 months, $0 saved, 4.0% APY → extend to 30 months to drop the monthly into a comfortable range.

Example 3 — Down payment: Goal $40,000 in 36 months, $5,000 saved, 4.5% APY, deposits at beginning of month → compare how much the required monthly falls versus end-of-month.

Savings Goal Calculator: How Much to Save Per Month (and How to Hit It)

A savings goal calculator answers the practical question most people ask: how much should I save each month to reach a specific target by a specific date? Whether you’re building an emergency fund, planning a vacation, or stacking a down payment, the right monthly number makes the plan feel doable. This tool converts your timeline, starting balance, and APY into a clear monthly amount, then shows how compounding and deposit timing (end vs. beginning of month) nudge the result.

What drives the monthly you need

Four levers control the answer: goal size, time horizon, starting balance, and annual yield. A bigger goal or shorter horizon raises the monthly. More time, a higher APY, or a larger starting balance lowers it. If you can’t change the goal, extend the timetable; if you can’t extend, increase today’s contribution or move cash to a higher-yield account.

Compounding (and timing) matter

Compounding frequency determines how interest builds. We convert APY into an effective monthly rate so weekly or daily compounding gets proper credit. Depositing at the beginning of the month (annuity due) lets each deposit earn an extra month of growth versus end-of-month. The difference may be small per month but meaningful across long horizons.

Make the plan stick in real life

Automate transfers the day after payday—frictionless beats willpower.
Keep the goal visible. Rename the account (“Summer Trip 2026”) and watch progress.
When income rises, step-up the monthly amount; small bumps compound.
Park the money in a high-yield account or short-term T-bill ladder to earn more without taking equity risk.

The fastest way to clarity is to plug your numbers into the calculator, review the monthly amount, and adjust the timeline until the plan fits your budget. With a clear target and a small automation, momentum takes over—and the goal sneaks up faster than you expect.

Savings Goal — FAQ

Does APY or compounding frequency change my monthly?

Yes. Higher APY or more frequent compounding slightly lowers the monthly required.

Do deposits at the beginning of the month help?

A little. Beginning-of-month deposits grow longer each cycle, so you can save a touch less per month.

What if my current savings already reach the goal?

If your existing balance grows past the goal over the horizon, your required monthly is $0—you’re already on track.

Should I use APY or expected return?

Use a conservative APY for cash-like savings. For market investing, expected returns vary—consider a range and review periodically.

Can I include irregular lump sums?

For now this tool models equal monthly deposits. You can reduce the monthly by adding your planned lump sum to the “current” balance.