Savings Goal Calculator Free · Calc Pro
4.6 · 4,712 ratings
Coming soonSaving for a house, a car or an emergency fund? Enter your goal, what you've already saved, the interest rate and your deadline, and Calc Pro tells you exactly how much to put away each month.
How to use the Savings Goal Calculator
- 1Tap Savings Goal and enter the amount you want to reach.
- 2Press ↓ and enter your Current Savings, the Annual Rate your savings earn (4.5 for 4.5%) and the number of Years.
- 3The Monthly Deposit Needed, Total Deposits and Interest Earned update as you type.
How much do small changes matter?
The earlier you start, the more of the goal interest pays for. Try the same goal with a longer deadline, or a higher rate, and watch the monthly deposit fall.
Tips for reaching your goal
- Automate it. Set up an automatic transfer for the Monthly Deposit Needed on payday.
- Put windfalls to work. A bonus or tax refund raises your Current Savings and lowers every future deposit. Enter the new balance to see by how much.
- Check it yearly. Update the worksheet with your actual balance and rate to stay on track.
Saving for retirement instead? The Retirement Calculator shows your balance at retirement and the income it can pay.
Frequently Asked Questions
How is the monthly deposit calculated?
Calc Pro grows your current savings at the annual rate, compounded monthly, then works out the equal monthly deposit that makes up the rest by the deadline, with each deposit earning interest too.
What if I already have enough?
If your current savings will grow to the goal on their own, the Monthly Deposit Needed is zero.
What rate should I use?
Use the rate your savings actually earn, such as a high-interest savings account or a term deposit. Use 0 to see what you'd need without any interest.
Is the Savings Goal worksheet free?
It's free to use here in your browser. In the iPhone and iPad app it's part of Pro Premium.
More free calculators
Take the Savings Goal Calculator with you
In Calc Pro for iPhone and iPad, the Savings Goal Calculator is part of Pro Premium, which unlocks all 23 financial worksheets and every calculator in the app.
Coming soonFree with ads · In-app purchase unlocks the full Pro Premium version
See what the app can do