How much should I save each month to reach my goal?
Have a specific savings goal in mind, like a down payment, a car, a wedding, or an emergency fund? Enter the target amount and the date, the calculator tells you how much to save every month.
You can also flip it: enter a monthly amount and see how much you'll have by your target date or when you'll reach the full goal.
The result takes compound interest into account, the effect where interest you've already earned starts earning more interest on its own. The chart shows your balance growing month by month, with one line for what you've put in and another for the total including growth.
In India the equivalent product is a Recurring Deposit (RD) - a fixed monthly contribution into a bank account at a guaranteed interest rate. This tool works as a clean RD calculator: just enter your monthly contribution, the term, and your bank's RD rate.
How to use it
- Pick the view that fits your question: how much to save monthly, how much I'll have by a date, or when I'll hit the goal.
- Enter the target amount (e.g. $50,000 for a down payment).
- Enter what you already have saved. Put 0 if you're starting from scratch.
- Set the target date by which you want the money (or enter a monthly amount in another view).
- Optional: enter the annual interest rate your savings account or bond pays (e.g. 4% per year). Leave 0 if you keep it in a checking account.
When this is useful
The most common reasons people ask "how much should I be saving":
- Down payment on a house. Banks typically want 10-20% of the price, say $60,000. Enter that amount and your target move-in date, get the monthly savings rate.
- Emergency fund. The classic rule is 3 to 6 months of expenses set aside. Enter the goal and a realistic date, the calculator gives you a pace.
- Vacation, wedding, big purchase. Specific amount, specific deadline. Much easier to budget when you know the monthly number.
- Buying a car in cash. Skip the loan and save up. See how long it takes at your current pace.
- College or retirement savings. Longer horizon, bigger role for interest. This is where compound growth really shines.
If you want to compare different monthly amounts or a one-time deposit, check out our savings calculator. If you're looking at the total return on past investments instead, the CAGR calculator tells you the average yearly growth rate.