“I want to save $10,000 in a year” is a goal. “I need to save $733 a month” is a plan. Our savings goal calculator converts any target amount and deadline into the exact monthly contribution required, accounting for interest earned along the way.
The math behind the number
The calculator first projects your current savings balance forward using compound interest, then figures out how much of the remaining gap needs to come from monthly contributions using the standard ordinary-annuity formula:
Monthly contribution = (Goal − Future value of current savings) / [((1 + r)^n − 1) / r]Where r is the monthly interest rate and n is the number of months remaining. This is the same math banks use internally for savings and loan products — it’s just not usually shown to you directly.
Example
Goal: $10,000. Current savings: $1,000. Timeline: 12 months. Annual rate: 4%.
The $1,000 grows to about $1,040.74 on its own. The remaining $8,959.26 needs to come from monthly deposits — working out to roughly $733.02/month at that interest rate.
Why interest rate matters less than you’d think over a year
Over a 12-month goal, a 4% APY only reduces the required monthly contribution by a small amount compared to 0%. Interest compounding matters far more over 5+ year goals (a house down payment, a wedding fund) than a 1-year target — don’t expect your savings account’s interest rate to do the heavy lifting on short goals.
Adjust in real time
Change the goal amount, current balance, timeline, or rate and the required monthly contribution updates instantly, so you can see exactly how much moving your deadline by a few months changes what you need to set aside.