Whether it’s a house down payment, an emergency fund, a wedding or a sabbatical — this calculator tells you the exact monthly amount to save to reach your goal on time, taking interest into account.
The Formula (Solved for Monthly Saving)
This is the future-value formula rearranged to solve for the payment: FV is your goal, P your current savings, i the monthly interest rate, and n the number of months. Your current savings grow on their own; the formula finds the contribution that fills the remaining gap.
Worked Example
Goal: $50,000 in 5 years, starting with $5,000 at 4.5% interest. Your $5,000 grows to about $6,260 on its own, leaving roughly $43,740 to build — which requires about $651 per month. Without any interest you’d need $750/month, so the interest effectively covers about $100 of it.
Frequently Asked Questions
Where should I keep money for a short-term goal?
For goals under about five years, many planners favor high-yield savings accounts, money market funds or CDs — vehicles where the balance can’t drop right before you need it.
What if I can’t afford the required monthly amount?
You have three levers: extend the deadline, lower the goal, or seek a higher return (which usually means more risk). Test each one in the calculator above.
Does interest really matter for short-term saving?
Less than people expect. Over 2–3 years your contribution rate dominates; over 10+ years interest becomes a major contributor.