Setting a savings goal is far easier to stick to once it's broken into a concrete monthly number. This calculator takes your target amount, what you've already saved, and your timeline, and returns the monthly contribution required to get there — assuming no investment growth, which is a conservative and simple starting estimate.
The formula
To save $6,000 in 12 months, starting from $500 already saved: ($6,000 − $500) ÷ 12 = $458.33 per month.
Worked examples
| Goal | Current savings | Months | Monthly amount |
|---|---|---|---|
| $1,000 | $0 | 6 | $166.67 |
| $20,000 | $5,000 | 24 | $625.00 |
| $500 | $100 | 4 | $100.00 |
Notes on this simple model
This calculator assumes savings sit in a simple account without meaningfully compounding returns over the period — a reasonable and conservative assumption for short-to-medium-term goals like an emergency fund, a vacation, or a down payment. For longer-term goals where investment growth matters significantly, a dedicated compound growth projection is more appropriate.
Tips
- Automate a transfer for the calculated monthly amount right after payday, rather than saving whatever is left over at the end of the month.
- If the required monthly amount doesn't fit your budget, either extend the timeline or reduce the target amount rather than abandoning the goal.
Frequently asked questions
How is the monthly savings amount calculated?
Subtract your current savings from your goal amount, then divide the result by the number of months remaining until your target date.
Does this account for interest earned while saving?
No — this calculator uses a simple model without investment growth, which is a conservative estimate suitable for short-to-medium-term goals held in a standard savings account.
What if I can't afford the calculated monthly amount?
Extend your timeline or reduce your target amount and recalculate — a smaller, sustainable monthly contribution is more effective than an unrealistic one you can't maintain.
References
- Consumer Financial Protection Bureau — General guidance on savings planning