Why is the monthly amount lower than the goal divided by the months?

Because two things are earning interest for you: the balance you already had, and every deposit you make after you make it. Together they cover part of the goal, so you have to fund less of it yourself. The calculator shows both figures side by side - the no-interest number is what the same goal costs in a current account.

What rate should I put in?

The APY the account actually pays, not the headline rate on a product you have not opened. If the money is sitting in a current account paying nothing, put 0 - the calculator handles it and shows you plain division. Guessing high is the easiest way to arrive at the deadline short.

Does it matter when in the month I move the money?

A little, and in your favour. The calculator assumes the deposit lands at the END of each month, which is what a standing order set up after payday does. Moving it on the first instead gives every deposit one extra month of compounding, so you will arrive slightly ahead rather than behind.

What about tax on the interest?

Not modelled. Interest on savings is taxable income in most places unless the account is a tax-sheltered one, so treat the interest figure as the gross amount. If your savings interest is taxed, enter the rate net of tax to stay on the safe side.

My rate is variable. Is this still useful?

Yes, as a starting point rather than a promise. The calculation assumes one fixed rate for the whole period. If the rate drops, the shortfall gets made up by your deposits, not by the bank - which is why the sensible move is to re-run this once or twice a year and adjust the standing order rather than set it and forget it.

What if I have already passed my goal?

The monthly figure drops to zero and the interest figure shows what the existing balance grows to over the period. Nothing more is needed from you.

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Savings Goal Calculator

Work out what you need to put aside each month to hit a savings goal by a date, with the interest your balance earns along the way doing part of the work.

Enter what you are saving for, what you have already, and when you want it. This gives the amount to move across each month - and how much of the goal interest covers for you.

Your details

Savings goal($)

The total you want in the account.

Already saved($)

What is in there today. This keeps earning too.

Months until you need it(months)

Two years is 24. Five years is 60.

Interest rate(% a year)

The APY on the account. Set it to 0 for a current account.

Result

Save each month

$357.49

Moved across at the end of each month.

The same amount per weekIf you are paid weekly. Twelve monthly payments spread over 52 weeks.: $82.50
Per month with no interestWhat a current account would need. The difference is what the rate is worth to you.: $375.00
Total you will put inYour own money, added up over the whole period.: $8,579.78
Interest earnedThe part of the goal you did not have to fund yourself.: $420.22

About this tool

How Much Should I Save Each Month?

Divide the goal by the months and you get a number that's too high. Here's the figure that accounts for what your balance earns while you're saving it.

Free download

Savings Goal Tracker

One sheet per goal. Write the target at the top, set the standing order, and tick off each month as it lands.

Free, no email required — print it or save it as a PDF.

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Savings Goal Calculator infographic

The key numbers as one image — free to save, share, or embed on your own site with credit.

How this is calculated

The starting balance is grown first. Money already in the account keeps earning for the whole period, so it is worth more at the deadline than it is today: the balance already saved is multiplied by (1 + monthly rate) raised to the number of months. The monthly rate is the annual rate divided by 12 - but the rate is entered as a PERCENTAGE, so the formulas divide by 1200 rather than 12: by 100 to turn the percentage into a decimal, then by 12 for the months. An annual rate of 4 becomes a monthly rate of 0.003333. That conversion is the easiest step to lose if you are redoing this by hand. Whatever that leaves short of the goal is what the deposits have to produce. Each deposit also earns interest, but only for the months remaining after it is made - the first one compounds nearly the whole term, the last one earns nothing at all. The standard annuity formula does that sum in one step: the shortfall is multiplied by the monthly rate and divided by ((1 + monthly rate) raised to the number of months, minus one). Deposits are treated as arriving at the END of each month, which is what a standing order set up after payday actually does. Moving the money on the FIRST of the month instead earns you one extra month of interest on every deposit, so the true figure is very slightly lower than the one shown here. At an interest rate of zero the annuity formula divides by zero, so the calculator switches to plain division - the shortfall spread evenly across the months. That is also the figure shown as the no-interest comparison, and it is the honest way to plan if the money is sitting in a current account. The rate is assumed to be fixed for the whole period and the result is before tax. Interest on savings is taxable in most places, and a variable rate can move under you. Neither is modelled.

Common questions

Why is the monthly amount lower than the goal divided by the months?: Because two things are earning interest for you: the balance you already had, and every deposit you make after you make it. Together they cover part of the goal, so you have to fund less of it yourself. The calculator shows both figures side by side - the no-interest number is what the same goal costs in a current account.
What rate should I put in?: The APY the account actually pays, not the headline rate on a product you have not opened. If the money is sitting in a current account paying nothing, put 0 - the calculator handles it and shows you plain division. Guessing high is the easiest way to arrive at the deadline short.
Does it matter when in the month I move the money?: A little, and in your favour. The calculator assumes the deposit lands at the END of each month, which is what a standing order set up after payday does. Moving it on the first instead gives every deposit one extra month of compounding, so you will arrive slightly ahead rather than behind.
What about tax on the interest?: Not modelled. Interest on savings is taxable income in most places unless the account is a tax-sheltered one, so treat the interest figure as the gross amount. If your savings interest is taxed, enter the rate net of tax to stay on the safe side.
My rate is variable. Is this still useful?: Yes, as a starting point rather than a promise. The calculation assumes one fixed rate for the whole period. If the rate drops, the shortfall gets made up by your deposits, not by the bank - which is why the sensible move is to re-run this once or twice a year and adjust the standing order rather than set it and forget it.
What if I have already passed my goal?: The monthly figure drops to zero and the interest figure shows what the existing balance grows to over the period. Nothing more is needed from you.

Take it further with AI

Copy this into ChatGPT or Claude with your own numbers filled in. It hands over the figures this calculator worked out, so the answer is built on real arithmetic instead of a guess.

I used the Savings Goal Calculator at https://www.bfcbrilliance.com/tools/savings-goal-calculator.

What I entered:
- Savings goal ($): ___
- Already saved ($): ___
- Months until you need it (months): ___
- Interest rate (% a year): ___

What it calculated:
- Save each month: ___
- The same amount per week: ___
- Per month with no interest: ___
- Total you will put in: ___
- Interest earned: ___

Use those figures as given — they are already worked out, so please don't recalculate or estimate your own. Help me turn them into a plan: what to buy or do, in what order, roughly what it should cost, and the mistakes people most often make with this job.

Keep this general and do not give financial advice — flag where I should talk to a qualified adviser.

Last updated Jul 31, 2026

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Walks through all 5 saving & investing tools in order.

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