Savings goal calculator
Enter the amount you're aiming for, what you already have, the time you've got and your savings rate to see what to put away each month.
Save each month
$334.67
$8,032.08 from you and $468.09 from interest over 24 months
How to use it
- Enter the amount you want to end up with and anything you've already put aside toward it.
- Enter how long you have, in years. Half years are fine.
- Enter the rate your savings account pays. If you're not sure, 4% is typical for a high-yield account and 0 is safe for a checking account.
- Read the monthly deposit. Set up an automatic transfer for that amount on payday and the goal takes care of itself.
Worked example
A $10,000 emergency fund, with $1,500 saved, in 2 years, at 4% APY.
Without interest you’d need ($10,000 − $1,500) ÷ 24 = $354.17 a month. With the account earning 4%, the deposit falls to $334.67: you put in $8,032.08 over the two years and the account adds $468.09 of interest, finishing at $10,000.17.
Stretch it to 3 years and the deposit drops to $216.90 a month.
How this is calculated
The calculator finds the smallest monthly deposit that reaches the goal by the deadline, assuming you deposit at the start of each month and the account credits interest monthly at the yearly rate divided by twelve. Rather than solving a formula and rounding, it runs the account month by month with cent rounding and searches for the deposit, so the balance at the end is genuinely at or above the goal. What you already have keeps earning interest the whole time, which is why starting with even a little shortens the job. The interest line shows how much of the goal the account earns for you; over two years at 4% it's modest, over ten years it's substantial.
each month: balance = balance + deposit, then balance = balance + balance × rate ÷ 12
monthly deposit = the smallest amount for which the balance after n months is at least the goal, found by search
interest earned = final balance − starting balance − total deposits
With no interest the deposit is simply (goal − already saved) ÷ months.
Rates, sources and limits
Assumes a fixed rate and monthly compounding. Savings rates change; the deposit shown is a plan, not a guarantee. Not financial advice.
Last reviewed 23 Sep 2026 by the CalcRabbit team. Estimates only, not financial, tax or medical advice.
Frequently asked questions
How big should an emergency fund be?
The usual advice is three to six months of essential expenses, in an account you can reach within a day or two. Self-employed people and those with variable income often aim for the higher end. Work out your monthly essentials, multiply, and put that in as the goal.
Does the rate matter much over a short period?
Not a lot over a year or two: on the example above, 4% versus 0% is about $20 a month. It matters enormously over ten or twenty years, which is what the compound interest calculator is for. The reason to chase a good rate on short-term savings is that it's free money, not that it changes the plan.
Should I save or pay off debt first?
A small emergency cushion first, say $1,000, so a surprise doesn't go on a card. Then, if your debt's interest rate is higher than your savings rate, which it almost always is for credit cards, pay the debt down before building the full fund.
Is the APY the same as the rate?
APY already includes compounding, so an account advertising 4.00% APY credits slightly less than 4% ÷ 12 each month. The difference is a few cents a month on these balances; the calculator treats the rate you enter as a nominal monthly rate, which errs very slightly on the safe side.