What is this calculator?
Work out how much to save each month to reach a target, excluding interest.
What can you use it for?
Use this tool to compare a financial scenario using the assumptions you control. Work out how much to save each month to reach a target, excluding interest.
How to use it
- Enter savings goal.
- Enter already saved.
- Enter months to reach goal.
- Select Calculate (or Generate for random tools).
- Read the answer and any additional results below the form. Check the units and the limits of the method.
Formula and method
The remaining savings gap is spread evenly over the chosen number of months.
Worked example
Savings goal: 500000, Already saved: 50000, Months to reach goal: 24. The result is 18,750 (save this amount each month).
Assumptions and limits
This is a mathematical estimate using the values you enter. Confirm real product terms, fees, tax rules and dates before acting on it.
Frequently asked questions
What inputs does the Savings Goal Calculator need?
Use savings goal, already saved, months to reach goal. Read the answer and any additional results below the form. Check the units and the limits of the method.
What assumptions apply to the Savings Goal Calculator?
This is a mathematical estimate using the values you enter. Confirm real product terms, fees, tax rules and dates before acting on it.