Savings goal calculator
Work out what is still left to save and how much that is per month between now and your deadline.
What is actually left to save
Start with the goal, then take off what is already in the account and anything you genuinely expect to arrive. 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 is still to find. Spread over twelve months that is 816.67 a month.
Note that the named line adds the three figures rather than 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 are hoping for does not — putting it in quietly reduces every monthly payment below it, and you will not notice until the deadline.
Working backwards from what you can afford
Often the monthly amount is fixed by your budget and the real question is when you will get there. Turn it around:
months needed: 9800 / 550 gives 17.82, so eighteen months at 550 a month.
If that date is unacceptable, the sheet shows you the three levers plainly: save more each month, push the deadline, or reduce the goal. It will not choose for you, but it stops the choice being vague.
Allowing for interest
Over a year or two in a savings account, interest is real but small enough that it should not 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 per cent over the period on an average balance.
Treat that as a rounding comfort rather than part of the plan. If you are saving over five years or more, the compounding stops being a footnote and a proper compound-interest calculation is worth doing instead.
Work out your own goal →Questions
How much should I save each month?
Take your goal, subtract what you have already saved and any money you genuinely expect, then divide what is left by the number of months until your deadline. That gives the honest monthly figure rather than a comfortable one.
Should I include a bonus I might get?
Only if it is 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 cannot 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.