How the calculator works
There are two questions people ask about a savings goal, and the calculator answers both:
- "How much do I need to save?" Enter a date. The calculator divides what is still missing by the time left:
(goal − already saved) ÷ months left, and also shows the weekly and daily amounts. - "When will I get there?" Enter a monthly amount. The calculator divides what is missing by that amount and rounds up to whole months.
Months are counted from today using an average month length of 30.44 days, so the result is a planning figure, not a bank statement.
Example
You want $2,400 for a trip and already have $600. That leaves $1,800. If the trip is 8 months away, you need $225 a month, or about $52 a week. If you can only manage $150 a month, it will take 12 months instead.
Make the goal easier to hit
- Save on payday, before you start spending.
- Give each goal its own pot so holiday money and emergency money do not mix.
- Add month-end leftovers to the goal; small amounts add up.
- Try a percentage of every income (for example 10%) if your income changes month to month.
Questions
What if the date is very close?
The calculator still works, but the monthly figure can be large. Consider moving the date, lowering the goal, or adding a one-off amount from a bonus.
Does it include interest?
No. It shows the amount you need to set aside yourself. Any interest you earn is a bonus that gets you there a little sooner.
Should my emergency fund be a goal too?
Yes, many people treat it as their first goal. A common target is three to six months of essential expenses.
Is my data saved?
No. Everything is calculated in your browser and nothing is stored.
Want the method behind it? Read: Sinking funds: save for big expenses without touching your emergency money
Read the guideResults are estimates for planning. They are not financial advice. Check important numbers before you rely on them.