Plan any savings goal, month by month
The savings goal calculator turns a target into a plan. Tell it how much you want to save, what you have already put aside and the interest your savings earn, then choose a deadline: it shows the monthly saving needed to get there on time. Or flip it around — enter what you can save each month and it tells you how long it will take and roughly which month you will hit the goal.
Use it for an emergency fund, a holiday, a wedding, school fees or a home deposit. A chart shows your balance growing towards the goal, and a year-by-year table lets you check progress.
How to use the Savings Goal Calculator
- Choose “Monthly saving needed” or “Time to reach my goal”.
- Enter your savings goal, what you have already saved and the yearly interest or return you expect.
- For a monthly amount, set the number of months or pick a target date. For time to goal, enter how much you can save each month.
- Read the result, the total you will put in and the interest earned.
- Hover over or tap the chart to see your balance in any month, and check the year-by-year table.
Savings Goal Calculator features
Two ways to plan
Find the monthly amount for a deadline, or the time needed for a monthly amount.
Target date or months
Pick a calendar date or a number of months — the tool works out the rest.
Interest included
Monthly compounding on both your existing savings and every new deposit.
Progress chart and table
Balance, money put in and goal line, plus a yearly breakdown with the share of the goal reached.
Goal types
Emergency fund (expenses × months), child’s education and wedding (inflated future cost), or any amount, with an optional yearly step-up of the saving.
Weekly equivalent
See what the monthly amount means per week if you are paid weekly.
How the monthly saving is calculated
The calculator uses the future value of a lump sum plus a series of monthly deposits made at the end of each month, with interest compounded monthly at i = annual rate ÷ 12:
goal = current savings × (1 + i)n + monthly saving × ((1 + i)n − 1) ÷ i
Solving for the monthly saving gives monthly saving = (goal − current savings × (1 + i)n) × i ÷ ((1 + i)n − 1). With no interest it is simply (goal − current savings) ÷ n.
Example: to save ₹5,00,000 in 3 years (36 months) with ₹50,000 already saved, earning 7% a year, the ₹50,000 grows to about ₹61,650, and the remaining ₹4,38,350 needs about ₹10,980 a month. Without any interest you would need ₹12,500 a month, so the interest saves you about ₹1,520 every month.
For time to goal, the calculator adds each monthly deposit and the month’s interest until the balance reaches the goal.
Tips for reaching your goal faster
- Automate it. A standing instruction or a recurring deposit on payday makes saving the default. See what a recurring deposit pays with the RD calculator.
- Match the account to the deadline. Money needed within a year or two is usually kept somewhere safe and easy to access, such as a savings account, RD or FD. Longer goals may suit investments that can grow more but also fall in value — compare options with the SIP calculator.
- Allow for inflation on long goals. A car or a house deposit will cost more in five years. Estimate the future price with the inflation calculator and use that as your goal.
Emergency fund, child’s education and wedding goals
Choose a goal type and the tool builds the target for you. For an emergency fund it multiplies your essential monthly expenses by the months you want to cover. Three to six months is a widely quoted rule of thumb (for example on the UK’s MoneyHelper site); the US CFPB gives no fixed figure and says the right amount depends on your situation. Its guide says to keep the money safe and accessible. Self-employed people or single-income households often choose 9–12 months.
For education or a wedding, enter today’s cost, the years to go and your own cost-inflation assumption (6% is only a placeholder, not a forecast). The future cost is cost × (1 + inflation)years, then the usual monthly saving is solved, optionally rising each year. For a market-linked plan with fund costs, use the mutual fund calculator.
About the interest rate
Use the rate your savings will realistically earn after fees, such as a savings account, FD or RD rate. Interest may be taxable and investment returns are not guaranteed, so treat the results as estimates, not financial advice. Set 0% to see a plan that relies only on your deposits.
Savings Goal Calculator FAQ
How much should I save each month to reach my goal?
Subtract what you have already saved from your goal and divide by the number of months, then reduce that a little for the interest you will earn. The savings goal calculator does the exact calculation, including interest on your existing savings.
How long will it take to save a certain amount?
Choose “Time to reach my goal”, enter your goal, current savings, interest rate and monthly saving. The calculator adds each month’s deposit and interest until you reach the goal and shows the number of months and the approximate date.
How many months should an emergency fund cover?
Three to six months of essential expenses is the common rule of thumb; use more if your income is irregular or you support others. Pick “Emergency fund”, enter expenses and months, and the tool shows the target and the monthly saving. Informational only, not financial advice.
Does the calculator include interest?
Yes. Interest is compounded monthly on your balance at the yearly rate you enter divided by 12. Enter 0% if your money will not earn interest.
When are deposits assumed to be made?
At the end of each month, which is a slightly cautious assumption. Saving at the start of each month earns a little more interest.
What if I already have enough saved?
If your current savings, with interest, will reach the goal by the deadline, the monthly saving needed is zero and the calculator says so.
How is this different from an RD or SIP calculator?
RD and SIP calculators start from a monthly amount and show what it grows to. This one starts from the goal and works backwards.