Savings Goal Calculator

Find out how much to save each month to reach a savings goal within a set number of years. Free, instant, no signup.

%
years
Formula: Monthly = (Goal − FV_initial) × r / ((1+r)^n − 1)
  • r = monthly interest rate
  • n = months to goal

How to use the Savings Goal Calculator

  1. Enter your values. Fill in the fields with your numbers.
  2. Calculate. Press Calculate to run the savings goal calculator.
  3. Use the result. Copy the result or try a related tool next.

Why use our Savings Goal Calculator

Instant results. Enter your figures and the savings goal calculator returns an answer in seconds.
Free & private. Runs in your browser — no signup, and nothing is sent to a server.
Accurate. Uses standard formulas so you can rely on the numbers.

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About the Savings Goal Calculator

The Savings Goal Calculator works backwards from a target amount to tell you how much you need to set aside each month to hit it on time. Instead of guessing whether $200 a month is enough for a $20,000 down payment, you enter the goal, your current balance, your timeline, and an expected interest rate, and the tool returns the required monthly contribution. It flips the usual savings question on its head: rather than asking how much you will have, it answers how much you must commit, which makes it far easier to turn a vague intention into a concrete monthly number.

Reach for this calculator whenever a savings target has a deadline attached: an emergency fund within 18 months, a wedding in two years, a house deposit in five, or a holiday next summer. It is most useful at the planning stage, when you are deciding whether a goal is realistic or whether the timeline needs stretching. Because it factors in interest, it also shows the difference between parking money in a current account at near-zero return and a high-yield savings account or CD, helping you judge where the goal should actually live.

Under the hood the tool solves the future value of an annuity formula for the unknown payment. The required monthly contribution is PMT = (FV - PV x (1+r)^n) x r / ((1+r)^n - 1), where FV is your goal, PV is your starting balance, r is the periodic interest rate (annual rate divided by the number of periods per year), and n is the total number of periods. The starting balance grows on its own and is subtracted from the target first, so the calculator only asks you to fund the remaining gap, then spreads that gap evenly across every month.

Treat the result as a well-grounded estimate rather than a guarantee. Real returns vary, variable savings rates change, and compounding assumptions are simplified, so the figure shifts if your actual interest rate differs from the one you entered. This calculator runs entirely in your browser, so the amounts, goals, and balances you type are never sent to a server or stored. Nothing is saved between visits, which means you can model sensitive numbers freely and just re-enter them next time you want to revisit the plan.

Frequently asked questions

How does the calculator decide my monthly amount?

It subtracts the future value of your current balance from your goal, then uses the future value of an annuity formula to spread the remaining gap across every month until your deadline, accounting for interest earned along the way. The output is the level monthly deposit needed to land exactly on your target.

What if I don't earn any interest on my savings?

Set the interest rate to 0% and the maths simplifies to your goal minus your starting balance, divided by the number of months. That gives the plain monthly amount with no compounding help, which is realistic for money kept in a standard current account.

The monthly number is higher than I can afford. What can I do?

Extend your timeline, lower the goal, or increase your starting balance, and the required monthly contribution drops. Many people also move the money to a higher-yield account so interest covers more of the gap, or start smaller and raise the amount as income grows.

How much of my income should go toward the goal?

A common guideline is the 50/30/20 rule, which suggests directing about 20% of after-tax income to savings and debt repayment. The calculator tells you the dollar amount your goal needs; comparing it to that 20% shows whether the target fits your budget.

Does the calculator account for inflation or taxes?

No. It assumes a fixed interest rate and ignores inflation and any tax on interest, so the figure is in today's terms. If your goal cost will rise over time, build in a buffer by raising the target amount slightly before you calculate.

From our blog

How to Calculate What Any Appliance Actually Costs to Run

By the Super Simple Digital Tools Team · Updated June 2026

Your electricity bill is really just one number measured over and over: the kilowatt-hour. A kilowatt-hour is what you use when a 1,000-watt device runs for one hour. Everything on your bill, the fridge, the dryer, the always-on router, gets boiled down to how many of those kWh it consumed, multiplied by a price. Once you understand that single unit, the cost of any appliance stops being a mystery and becomes a quick multiplication you can do in seconds.

Start by finding three numbers. First, wattage, which is usually printed on the appliance's nameplate, sticker, or in the manual; if you only see amps and volts, multiply them together (a 10-amp device on a 120-volt circuit is 1,200 watts). Second, the hours it runs in a typical day. Third, your rate per kWh, copied from your utility bill. With those three values the calculator handles the conversions, but it helps to know what it's doing under the hood.

The formula has two steps. Convert watts to kilowatts by dividing by 1,000, then multiply by hours to get energy used: a 1,500-watt heater for 8 hours is 1.5 kW x 8 = 12 kWh. Then multiply energy by your rate to get cost: 12 kWh x $0.17 = $2.04 per day. From there, scaling up is easy: multiply by 30 for a monthly estimate (about $61) or by 365 for the yearly figure (about $745). The same two steps work for a phone charger or a hot tub.

The biggest source of error isn't the math, it's the wattage assumption. Listed wattage is the maximum a device can draw, but many appliances don't run flat-out the whole time. A refrigerator's compressor cycles on and off, an air conditioner modulates, and a washing machine only heats water during part of its cycle. For these, your real-world cost is lower than a constant-wattage estimate, so treat such results as a sensible upper bound rather than an exact number.

To turn estimates into action, focus on the two levers you control: wattage and time. A device that's both high-wattage and runs for many hours, such as electric heating, water heating, or an EV charger, dominates your bill, so even small efficiency gains there pay off. Low-wattage gadgets matter mostly in aggregate through standby power, which can quietly add up across a whole house. Pricing each one with the calculator shows you exactly which battles are worth fighting.

  • Read your rate straight off the bill and include per-kWh delivery and supply charges, not just the advertised rate, for a truer cost.
  • For cycling appliances like fridges and ACs, treat the calculator's number as a maximum and expect your real cost to be somewhat lower.
  • Borrow or buy a plug-in energy monitor (around $25 to $50) to measure a device's actual watts instead of guessing from the label.
  • If you're on a time-of-use plan, run high-wattage devices during off-peak hours and re-run the calculation with the off-peak rate to see the savings.

Read the full guide →

Tool by the Super Simple Digital Tools Team. Reviewed by our editorial team. Free to use, no signup required.

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