Savings Goal Calculator
Plan a savings goal three ways: find the regular deposit needed to hit a target by a date, find how long a fixed deposit takes to reach the goal, or project the balance a plan will grow to. Pick your contribution cadence and see the amount per day, week and month, with compound interest worked through.
Formula
Worked example
Goal $25,000, current balance $5,000, 5 years monthly (n = 60) at 4% (i = 0.04 ÷ 12 ≈ 0.003333). (1+i)^60 ≈ 1.22100, so the $5,000 grows to about $6,105. The annuity factor is (1.22100 − 1) ÷ 0.003333 ≈ 66.30, giving PMT ≈ (25,000 − 6,105) ÷ 66.30 ≈ $285 per month, about $66 per week or $9.50 per day.
Three ways to plan a savings goal
This calculator solves the same compound-savings relationship three different ways. In "deposit needed" mode it rearranges the future-value-of-an-annuity formula to find the level amount you must add each period to land exactly on your target by a set date. In "time to goal" mode it fixes your deposit and solves for the number of periods, using logarithms, so you can see how long a habit you can actually sustain will take. In "projected balance" mode it runs the plan forward to show what a starting balance plus regular deposits will grow into. Switch modes from the dropdown at the top; the steps panel and chart update to match whichever question you asked.
Deposit frequency, daily and weekly equivalents
You can deposit monthly, every two weeks, weekly or daily, and interest is compounded at the same cadence so the math stays internally consistent. Saving more frequently puts money to work a little sooner, though the difference is small at typical rates. In "deposit needed" mode the result also shows the equivalent amount per day, per week and per month for the same annual outlay, which is handy when you would rather think of the goal as a small daily habit, like skipping a coffee, than one larger monthly transfer. These equivalents are simply the annual total spread across 365 days, 52 weeks or 12 months.
Why the expected return matters so much
The return you assume has an outsized effect because interest compounds on both your balance and on previous interest. A higher assumed return lowers the deposit you need and shortens the time to reach a goal, but it is not guaranteed; market returns vary year to year, and a cash savings account earns far less than a diversified portfolio. For short timelines under three years, keep the assumed return conservative or set it to zero, since you have little time to recover from a downturn before you need the money. The year-by-year schedule below the result breaks out exactly how much of each year comes from your deposits versus from interest.
Choosing a realistic timeline and target
Reaching a savings goal is a trade-off between three levers: how much you save each period, how long you give yourself, and the return you earn. Extending the timeline is the gentlest way to lower the per-period amount, because it gives compounding more time and spreads the contributions across more periods. If the required deposit feels out of reach, try the "time to goal" mode with a deposit you can comfortably afford to see a realistic deadline, lengthen the timeline, trim the target, or split one large goal into smaller milestones you can celebrate along the way.
Monthly deposit to reach $10,000 from $0
| Timeline | 0% return | 4% return | 7% return |
|---|---|---|---|
| 2 years | $417 | $400 | $390 |
| 5 years | $167 | $151 | $140 |
| 10 years | $83 | $68 | $58 |
Level monthly amount needed at different timelines and annual returns.
Frequently asked questions
How much should I save each month to reach my goal?
Keep the calculator in "deposit needed" mode, then enter your target, current balance, timeline and expected return. It solves the annuity formula for the level deposit that lands you on the goal, accounting for compound growth on both your starting balance and each contribution, and shows the equivalent per day, per week and per month.
How do I find out how long it will take to reach my goal?
Switch to "time to goal" mode and enter a deposit you can actually sustain along with your goal, current balance and expected return. The calculator solves for the number of periods using logarithms and converts it into a calendar time in years and months. If the deposit and return are too low to ever reach the target, it tells you so.
What return should I assume?
For cash in a high-yield savings account, use the current APY, often 3% to 5%. For a diversified long-term portfolio, a conservative 5% to 7% is common. For goals under three years, lean toward the lower end or use 0%, since there is little time to recover from market swings.
Does saving weekly or daily instead of monthly help?
A little. Depositing more frequently puts each contribution to work slightly sooner, so the balance compounds marginally faster, but at typical savings rates the difference over a few years is small. Choose the cadence that best matches your pay schedule and that you can keep up with consistently; consistency matters far more than frequency.