Free savings goal calculator
Pick what you want to know. Enter your goal, what you have saved so far and the interest your savings earn, and the calculator tells you the monthly amount to reach the goal on time, or how long it takes at the amount you choose.
Free, no sign-up. Everything is worked out in your browser: nothing you type is sent or stored.
How much to save each month
If you know the date, the monthly amount is the goal minus what your current savings will have grown to, spread over the months with interest: monthly amount = (goal − saved × (1 + i)n) × i ÷ ((1 + i)n − 1), where i is the monthly interest rate and n is the number of months. With no interest it is simply the amount still needed divided by the number of months.
Frequently asked questions
Does the calculator include interest?
Yes. Interest is added monthly at the yearly rate you enter. Set the rate to 0 to see the amount without interest.
Is the interest taxed?
The calculator ignores tax. Interest in a taxable account is usually taxed as income; in registered accounts such as a TFSA it is not. Treat the result as a before-tax estimate.
What if I cannot save that much?
Switch to "How long it will take" and enter what you can save. A longer timeline or a smaller goal can be a perfectly good plan.
Read the guides
Track the real numbers
With Budget Dashboard you can create savings goals with a target and a date, and see your real monthly savings from your bank transactions. It is free and your data stays in your browser.
Open the free Budget Dashboard
More free calculators
- Compound interest calculator – See how savings and investments grow with regular contributions, and what that is worth after inflation.
- Emergency fund calculator – How much to keep for emergencies (3 to 12 months of essentials) and how long it takes to build.
- Budget calculator – Income, expenses and what is left, checked against the 50/30/20 rule. Weekly to yearly amounts.
These calculators give estimates for planning and learning. They are not financial, tax or legal advice, and real lenders, banks and tax rules can differ. Check the numbers with your lender or a qualified professional before you decide.
Published by Budget Dashboard. Questions or corrections? Contact us.