Free savings goal calculator
Savings goal calculator
Enter a target amount and date, get the exact amount to save each month. No signup required to calculate, though SomedayFund can track the goal for you once you have your number.
Calculate your monthly savings number
How the math works
The formula behind every savings goal calculator is the same: take your target amount, subtract anything you have already saved, then divide what is left by the number of months between now and your target date.
That gives you one number, the amount to set aside each month, instead of a vague goal that is easy to lose track of. SomedayFund runs this same calculation automatically once you create a goal, and updates it every time you add funds or your target date gets closer.
Frequently asked questions
How do I calculate my monthly savings goal?
Subtract what you have already saved from your target amount, then divide by the number of months left until your target date. That number is what you need to set aside each month to get there on time.
What's the savings goal calculator formula?
(target amount − amount already saved) ÷ months remaining = monthly savings amount. The calculator above does this automatically as you type.
Can I track a savings goal for free?
Yes. SomedayFund's free plan includes savings goals with no time limit, so you can track progress toward the number this calculator gives you, not just calculate it once.
What if I've already saved some money toward the goal?
Enter it in the "already saved" field. The calculator subtracts it from your target first, so the monthly number only reflects what is actually left to save.
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