Savings Goal Calculator: How Much to Save Each Month
Pick what you want to find: the monthly saving for a deadline, or the time needed for a monthly amount. Enter your goal and the interest your savings earn.
- Nothing you type is stored
- Free
- No signup
Save every month
₹19,357a month
- You put in
- ₹4,64,561
- Interest earned
- ₹35,439
- That is per day
- ₹636
How to use
- Choose "Monthly saving" or "Time needed".
- Enter the goal amount and anything already saved.
- Enter the months to the goal or your monthly saving, and the interest rate.
Good to know
Savings are assumed to go in at the start of each month and earn interest compounded monthly. The monthly saving = (goal − savings grown to the deadline) ÷ [((1 + i)^n − 1) ÷ i × (1 + i)], with i the monthly rate.
For goals within 1–3 years, such as a phone, a bike down payment or a trip, keep the money in a savings account, RD or short FD rather than equity, so the amount is there when you need it.
Breaking a goal into a daily or monthly number makes it easier to stick to. Set up an auto-debit to an RD or a separate account on salary day.
Questions
How much should I save each month for my goal?
Divide the remaining goal by the months left, then reduce it slightly for the interest you earn. The calculator does this exactly.
What rate should I use?
Your savings account (2.5%–3.5%) or RD/FD rate (about 6%–7%). Use 0 for cash kept aside.
How is this different from the goal SIP calculator?
This is for short, safe goals with a fixed interest rate. Goal SIP is for long goals invested in mutual funds, with step-up and inflation options.
Can I include money I already have?
Yes. Enter it as "Already saved"; it earns interest too.
Is my data stored?
No. Everything is calculated on your device.