Work out how much to save each month to reach a goal by a set time, or how long it takes at the amount you can afford. Add your account’s interest rate if it pays one.
Track this in Budgetfold. Set the goal on a category and Budgetfold shows what to assign each month and how far along you are. Free plan covers this month’s budget, no card.
Use Budgetfold freeThis is an estimate, not financial advice. Everything is calculated in your browser; nothing you type is sent anywhere.
Without interest it is a division: (goal − saved so far) ÷ months. With interest, the calculator assumes you deposit at the end of each month and the account compounds monthly at the yearly rate divided by 12. It solves for the deposit that makes the final balance reach the goal, and rounds that deposit up to the next cent.
In With a monthly amount mode it adds your deposit and a month of interest, month by month, and counts how many months it takes to reach the goal.
The rate stays the same for the whole period, and taxes on interest are ignored. Savings account rates change, so treat the interest line as a rough guide; for most short goals the deposits do almost all the work. This tool is for cash savings, not investments, where returns can go down as well as up.
A goal you fund first, the day you are paid, gets reached; one you fund with whatever is left usually does not. Give it its own category in your zero-based budget, and if it is for one known bill, see the sinking fund calculator.
Subtract what you have saved from the goal and divide by the number of months. $10,000 with $1,500 saved over 24 months is $8,500 ÷ 24 = $354.17 a month before interest; interest lowers it slightly.
Only if you enter a rate. It compounds monthly at the yearly rate divided by 12 and assumes deposits at the end of each month. Leave it at 0 for a cash-only plan.
The rate your own savings account pays today, shown on its page or statement. Rates change over time, so the result is an estimate.
Choose With a monthly amount and enter what you can deposit. At $300 a month with nothing saved and no interest, it takes 34 months.
You can. Run the calculator for each goal and give each one its own budget category, so you always know how much belongs to which goal.
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