Savings Goal Calculator
Find how much to save each week, month or year to reach a savings goal by your deadline — or how long it will take — with interest, compounding, yearly deposit increases and inflation included.
How it works
Rate per deposit period i = (1 + APY)^(1/p) − 1 · Still needed = goal − current × (1 + i)^n · Deposit = needed × i ÷ ((1 + i)^n − 1) (× 1 ÷ (1 + i) for deposits at the start of each period)
Your existing savings are grown forward to the deadline first. The gap that is left is covered by equal deposits that also earn interest: n is the number of deposits (years × deposits per year) and i is the interest rate per deposit period, taken from the APY so that compounding is counted correctly whether you save weekly, monthly or yearly. If your bank quotes a nominal rate instead, pick its compounding under More options and the calculator turns it into the equivalent yearly yield first. You can also solve the other way round: enter what you can save each period to see how long the goal will take, or how much you will have by a date. More options also let deposits rise each year, raise the goal with inflation (useful when the goal is a price in today’s money) and take tax off the interest.
Worked example
Goal $25,000 in 4 years, $3,000 already saved, 4.5% APY, monthly deposits at the end of each month: the monthly rate is 1.045^(1/12) − 1 = 0.3675%, the $3,000 grows to about $3,578, leaving $21,422 to save — $408.91 a month, or about $94 a week. You put in about $19,628 and interest adds about $2,372. Saving $400 a month instead reaches the goal in 4 years 1 month. If the $25,000 is a price that rises 3% a year, the goal becomes about $28,138 and the monthly amount rises to about $469.
Sources: Investor.gov (SEC) — Savings goal calculator · CFPB — Truth in Savings (Regulation DD): annual percentage yield
Frequently asked questions
Where should goal savings live?
Money needed within a few years usually belongs in high-yield savings, money market funds or CDs — not stocks, whose short-term swings can hit right before your deadline.
What is APY vs APR?
APY (annual percentage yield) already includes the effect of compounding within the year; a nominal rate or APR does not. Banks advertise savings in APY, which is the default here. If you only know a nominal rate, choose its compounding (daily, monthly…) under More options.
Does it matter if I save weekly instead of monthly?
A little. Weekly or every-two-weeks deposits get money into the account sooner, so slightly more interest builds up and the amount you need per year is a bit lower. Choose the deposit frequency that matches your paycheck and the calculator also shows the per-month, per-week and per-day equivalents.
What if I can’t afford the amount?
Switch to “Time to goal” and enter what you can save to see when you will get there, or extend the deadline, lower the goal, or plan to raise your deposits each year. A lump sum early on (a tax refund or bonus) also lowers the regular amount noticeably.
Should I include inflation?
If the goal is the price of something today — a car, a trip, a down payment — that price will probably rise. Enter expected inflation under More options and the calculator saves toward the higher future price instead.
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This is an educational estimate, not financial advice. Lenders use their own rounding, fees and credit terms — confirm exact figures with your lender or a licensed advisor.