Interest, inflation and yearly step-up included
Savings Goal CalculatorHow Much to Save Each Month, and How Long It Takes
Turn any goal into a clear monthly plan. Enter what you want to save for, how much you have and when you need it, and this savings goal calculator shows exactly how much to put aside each month. It also works out how long your current savings habit will take, sizes your emergency fund and plans several goals at once.
- 2 ways to plan
- Growth chart with milestones
- Emergency fund planner
- Multi-goal budget
Adjust for inflation
If your goal will cost more in future, enter the expected price rise. The goal grows each month by this rate.
Return is the yearly interest or growth on your savings, compounded monthly. Use 0% for cash kept at home.
Your savings over time
Deposits and interest build toward the goal line.
List your essential monthly costs: the bills you must pay even if your income stops.
How the savings goal calculator works
The calculator uses the future value of a series of monthly deposits. Each deposit earns interest for the months that remain, so money you save early does more of the work. Your existing savings also grow at the same rate.
Monthly rate
i = yearly return ÷ 12Future value of deposits
FV = P × ((1 + i)ⁿ − 1) ÷ iMonthly saving needed
P = (goal − savings × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1)Goal after inflation
goal × (1 + inflation)ʸᵉᵃʳˢEmergency fund
monthly essentials × months of coverWithout interest
P = (goal − savings) ÷ monthsExample: to save 5,00,000 in 3 years at 7% a year, you need about 12,522 a month. Without interest it would be about 13,889, so interest saves you over 49,000 in deposits.
Monthly saving needed for common goals
Approximate monthly deposits to reach each goal from zero, assuming a 7% yearly return compounded monthly. Use the calculator above for your own numbers.
| Goal amount | In 1 year | In 3 years | In 5 years | In 10 years |
|---|---|---|---|---|
| 1,00,000 | 8,069 | 2,504 | 1,397 | 578 |
| 5,00,000 | 40,347 | 12,522 | 6,984 | 2,889 |
| 10,00,000 | 80,694 | 25,044 | 13,968 | 5,778 |
| 25,00,000 | 2,01,735 | 62,610 | 34,920 | 14,444 |
Figures assume deposits at the end of each month and no tax on returns. Real returns vary.
More than a basic savings calculator
Most savings calculators answer one question. This one plans the goal from both directions, protects you with an emergency fund and balances several goals against your budget.
Two ways to plan
Find the monthly amount for a deadline, or the date you will reach the goal with what you can save.
Growth chart
See deposits and interest grow month by month, with milestones at a quarter, half and three quarters.
Yearly step-up
Increase your saving each year as your income grows, and see how much sooner you get there.
Inflation aware
Grow the goal with rising prices so a long-term target is not short when you get there.
Emergency fund
Size your safety net from real expenses and your type of income, then see when it will be full.
Multiple goals
Add every goal, see the total monthly need and check whether it fits your budget.
How to use the savings goal calculator
Name the goal
Enter what you are saving for, the amount and what you have already saved.
Choose a plan
Pick a goal date to get the monthly amount, or a monthly amount to get the date.
Add growth
Set a realistic return, an optional yearly step-up and inflation for long goals.
Automate it
Copy the plan and set up an automatic transfer on payday so saving happens first.
Investing every month instead? Compare plans with the SIP calculator or the RD calculator.
Tips to reach your savings goal faster
Pay yourself first
Move the monthly amount to savings on payday, before spending on anything else.
Keep goals separate
Use a separate account or fund for each goal so the progress is easy to see.
Raise it with your salary
Increase your saving each time your income goes up, even by a small percentage.
Match risk to time
Money needed within a few years is usually kept in safer options. Longer goals can take more risk.
Build the safety net first
An emergency fund stops one surprise bill from undoing months of progress on other goals.
Find room in the budget
Use the 50/30/20 budget calculator to free up money for saving.
Savings goal calculator FAQs
How much should I save each month to reach my goal?
Subtract what you have already saved from the goal, then spread the rest over the months you have. With interest, you need a little less each month. For example, 5,00,000 in 3 years at 7% needs about 12,522 a month.
How long will it take to reach my savings goal?
Choose Time to reach goal and enter how much you can save each month. The calculator adds interest month by month and shows the month you will reach the target.
Does interest make a big difference?
For short goals the effect is small, but it grows with time. Over 10 years at 7%, interest can make up more than a quarter of the final amount.
Should I include inflation in my savings goal?
For goals more than a few years away, yes. Prices usually rise over time, so something that costs 5,00,000 today may cost noticeably more when you buy it.
What is a yearly step-up?
A step-up raises your monthly saving by a fixed percentage every year, usually in line with salary increases. It lowers the amount you need to start with and helps you reach goals sooner.
How much emergency fund do I need?
A common guideline is three to six months of essential expenses. People with variable income, a single income in the family or dependants often aim for six to twelve months.
Where should I keep money for a savings goal?
It depends on when you need the money and how much risk you can take. Short-term goals and emergency funds are usually kept in safe, easy-to-access options. Consider speaking with a qualified financial adviser for personal advice.
How do I save for several goals at once?
List each goal with its amount and deadline, work out the monthly saving for each, and compare the total with what you can afford. If it is too much, extend a deadline or prioritise the most important goals.
Turn your goal into a monthly habit
Every big goal is just a series of small monthly steps. Use this savings goal calculator to set the right amount, watch the progress grow and reach your target on time. Results are estimates, not financial advice.