Savings Goal Calculator
About this calculator
Whether you are saving for a wedding, a car, a down payment or an emergency fund, the same three variables matter: how much you need, how much you can put away each month and what interest it earns. This calculator solves for whichever one you do not know.
Use How long to save? to find the time to reach a target, Monthly amount needed to find the contribution for a deadline, or Final amount to see what a plan produces. You can choose the currency symbol too.
How to use it
- Pick a mode: How long to save?, Monthly amount needed or Final amount.
- Enter your Savings Goal and Current Savings.
- Enter the Monthly Contribution and the Annual Interest Rate.
- Read the time to goal, final balance, total contributed and interest earned.
How it works
The balance grows month by month: Balance = Balance × (1 + r/12) + Contribution. The time to goal is the number of months until the balance reaches the target. The monthly amount needed solves the same equation for the contribution over a fixed number of months.
Worked example
Goal ₹5,00,000, current ₹50,000, ₹10,000 a month at 6.5%
| Time to goal | 3 years 4 months |
| Final balance | ₹5,07,360 |
| Total contributed | ₹4,50,000 |
| Interest earned | ₹57,360 |
Interest supplies about 11% of the goal over such a short period. Contributions do most of the work, so the monthly amount matters more than the rate.
Tips and common mistakes
- Set a deadline. A goal with a date is far more likely to be met.
- Automate the transfer on salary day so saving happens before spending.
- Use a recurring deposit or a liquid fund for short goals, not equity.
- Keep an emergency fund of 6 months of expenses before other goals.
- Revisit the plan if the rate changes.
Frequently asked questions
How long will it take to reach my savings goal?
Use the 'How long to save?' mode. It tells you the months needed at your contribution and rate.
How much should I save each month?
Use 'Monthly amount needed' and enter your deadline.
What interest rate should I use?
Use the rate your account or deposit actually pays, after tax if you can.
Does interest compound monthly?
Yes, the calculator compounds monthly.
Can I use a different currency?
Yes. Choose the symbol at the top.
What if I miss a month?
The goal date moves out. Use the tool again with the updated balance.