Savings goal calculator
Figure out what's still left to save, and what that comes to per month between now and your deadline.
What's really left to save
Start with the goal, then take off what's already in the account and anything you're sure is coming. What remains is the number that matters.
goal 15000 | + | 15,000 |
saved so far -4200 | − | 4,200 |
bonus expected -1000 | − | 1,000 |
monthly for a year: (goal + saved so far + bonus expected) / 12 | = | 816.67 |
| Total | 9,800 |
The total — 9,800 — is what's still to find. Spread over twelve months that's 816.67 a month.
The named line adds the three numbers instead of subtracting them, because the two amounts you already have were written as negatives. Written that way, the running total reads as “how much of this goal is still open” the whole way down.
Be careful about the word “expected”. A contracted bonus with a date on it belongs in the sheet. A bonus you're hoping for doesn't. Put it in and it quietly shrinks every monthly payment below it, and you won't notice until the deadline.
Working backward from what you can afford
Often the monthly amount is fixed by your budget and the real question is when you'll get there. Turn it around:
months needed: 9800 / 550 gives 17.82, so eighteen months at 550 a month.
If that date doesn't work, the sheet lays the three levers out: save more each month, push the deadline, or cut the goal. It won't choose for you, but it stops the choice from being vague.
Allowing for interest
Over a year or two in a savings account, interest is real but small enough that it shouldn't drive the plan. A rough allowance is enough:
interest estimate: -9800 * 0.02 takes about 196 off the amount you need to find yourself, assuming roughly two percent over the period on an average balance.
Treat that as a rounding comfort, not part of the plan. If you're saving over five years or more, compounding stops being a footnote and a real compound-interest calculation is worth doing instead.
Run your own goal →Questions
How much should I save each month?
Take your goal, subtract what you have already saved and any money you're sure is coming, then divide what's left by the number of months until your deadline. That gives you the honest monthly number, not a comfortable one.
Should I include a bonus I might get?
Only if it's contracted and dated. A hoped-for bonus reduces every monthly payment below it in the sheet, which quietly puts the goal at risk without you noticing.
What if I can't afford the monthly amount?
There are only three levers: save more per month, move the deadline, or reduce the goal. Divide the remaining amount by what you can actually afford to see how many months it really takes.
Does this account for interest?
Not automatically. Over a year or two the effect is small and you can add a rough line for it. Over five years or more, compounding matters enough that you should use a dedicated compound-interest calculation.
Is it free and private?
Yes on both. No account is needed, and nothing you type leaves your browser.