Savings Goal Calculator
Work out how much to save each month to reach a goal by a target date — for a house deposit, car, wedding, trip or any sinking fund.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Enter your goal amount, what you've saved so far and when you need it.
- 2Add the interest rate your savings earn to see the monthly amount needed.
How it's calculated
Monthly deposit = (goal − current × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1), with i = annual rate ÷ 12 and n = months. At 0% it's simply the gap ÷ months.
Frequently asked questions
What is a sinking fund?
Money you set aside monthly for a known future cost — insurance renewal, holidays, car repairs — so it doesn't hit your budget all at once.
Does interest make a big difference?
For short goals, not much. Over several years, a high-yield account can meaningfully reduce what you need to put in.
What if I can't afford the monthly amount?
Extend the deadline, lower the goal or start with what you can — even partial progress reduces how much you'd need to borrow.