Savings Goal Calculator
Find out how much to save each month to hit your goal by a target date, or how long it will take at the rate you are already saving.
Your Savings Goal
Tell us your goal and target date, and we will calculate the monthly amount you need to save.
Your Savings Plan
Tell us your goal and how much you can save each month, and we will calculate when you will reach it.
Goal Progress
Your current savings compared to your goal.
Where the Money Comes From
| Source | Amount |
|---|
Goal Progress
Your current savings compared to your goal.
Where the Money Comes From
| Source | Amount |
|---|
Reaching a Savings Goal With a Plan
A savings goal without a number attached to it tends to stay vague, save more this year, build an emergency fund, put something aside for a trip. This calculator turns that intention into a concrete monthly figure or a concrete date, whichever direction is more useful for your situation. If you already know when you need the money, the first mode tells you exactly how much to set aside each month. If you already know how much you can realistically save, the second mode tells you exactly when you will get there.
Both modes accept an optional interest rate. If you are saving in a regular chequing or low-interest account, leaving the rate at zero gives you a straightforward answer, your goal divided by the time available. If your money is sitting in a high-interest savings account, a GIC, or a similar low-risk interest-bearing account, entering that rate gives a more accurate answer, since the interest earned along the way reduces how much you need to contribute yourself, or shortens how long it takes.
Setting a Realistic Target Date
If the required monthly amount comes back higher than feels comfortable, that is useful information on its own. It usually means either the target date needs to move out, the goal amount needs to flex a little, or some current spending needs to shift to make room for the new monthly contribution. None of those are wrong answers, but seeing the actual number upfront is far more useful than discovering it is not achievable halfway through the year.
Keeping the Goal on Track
Many people find it helpful to automate the monthly contribution as soon as income arrives, rather than saving whatever is left over at the end of the month. A dedicated savings account separate from everyday spending also helps, since it removes the temptation to dip into the goal for unrelated purchases. Revisiting the numbers every few months, especially after a raise, a new expense, or a change in plans, keeps the target date realistic.
As with every tool on this site, nothing you enter is saved or sent anywhere. All calculations happen directly in your browser, so feel free to test a few different goal amounts, dates, or contribution levels to see what fits.
Frequently Asked Questions
If you are not sure, it is safer to leave it blank or enter a conservative estimate. Leaving it at zero gives you a slightly higher required monthly amount than you might actually need, which means you are more likely to hit your goal early rather than fall short.
Try switching to the second mode and entering the monthly amount you can actually afford instead. That will show you a realistic completion date, which you can then compare against your original target to see how far apart they are.
No. This calculator estimates growth based on the interest rate you enter only, and does not account for taxes on interest income, which vary by country, account type, and personal tax situation. If your savings are in a registered or tax-advantaged account, this is less of a factor.
Yes, the calculation works the same way for any time frame. For goals more than 10 years away, such as a house down payment far in the future, you may also want to check the Retirement Savings Calculator if part of the goal involves long-term investment growth rather than a fixed-rate savings account.
No. All calculations happen directly in your browser and nothing you enter is sent anywhere or stored. Download the PDF summary if you want to keep a record of your plan.
Enter however much you have already set aside specifically toward this goal. If you have not started saving yet, leave it blank or enter zero, and the calculator will base everything on contributions from today forward.