How this calculator works
Solves for the monthly deposit that reaches the goal in the months you have, crediting interest monthly at APY ÷ 12 on the growing balance.
- Monthly rate r = APY ÷ 12 ÷ 100 and growth = (1 + r)ⁿ over n months.
- Still needed = goal − already saved × growth.
- Monthly deposit = still needed × r ÷ (growth − 1). With no interest, it's still needed ÷ n.
Worked example
With these inputs: goal amount $5,000; already saved $800; months to get there 12; savings interest 4%.
The result is save each month $340.96, with per week $78.68 and per day $11.21.
Make it automatic
Set up an automatic transfer for the monthly amount on payday, and treat it like any other bill. Adding it to your bill tracker as "Savings transfer" means it shows up with rent and utilities, and you'll notice if it's skipped.
Short deadline, large number?
If the monthly amount is out of reach, move the deadline, lower the goal, or free up money elsewhere. The 50/30/20 calculator shows how much of your pay should be going to savings, and the Subscription Cost Calculator finds easy cuts.
Frequently asked questions
How much should I save each month to reach my goal?
Divide what's left to save by the number of months, then subtract a little for interest if the money is in a savings account. The calculator does the interest part exactly.
Should I include interest?
If the money is in a high-yield savings account, yes. Enter its APY. For a checking account or cash, enter 0.
How much should I save per week to have $5,000 in a year?
About $96 a week with no interest. With interest and some money already saved, the calculator will show less.