{
  "id": "savings-goal",
  "version": "162e1e698d2d",
  "status": "published",
  "name": "Savings Goal Calculator",
  "question": "How do I reach my savings goal?",
  "summary": "Works out how much to save each month to reach a savings goal by a date, from what you have now and the account’s APY, with the deposits, the interest and the balance month by month.",
  "category": "finance",
  "subcategory": "investing",
  "url": "https://www.acalculator.org/finance/savings-goal-calculator",
  "markdown": "https://www.acalculator.org/finance/savings-goal-calculator.md",
  "kind": "schedule",
  "method": "g = (1 + APY)^(1/12) − 1; monthly deposit D = (G − P(1 + g)^n) × g ÷ ((1 + g)^n − 1), or (G − P) ÷ n at 0%, never below 0; each month interest = balance × g, then D is added.",
  "assumptions": [
    "The APY stays the same for the whole time. Savings rates can change at any time.",
    "Deposits are made at the end of each month, the same amount every month.",
    "Tax on interest is not taken out.",
    "This is an estimate for planning, not financial advice."
  ],
  "inputs": {
    "$schema": "https://json-schema.org/draft/2020-12/schema",
    "type": "object",
    "properties": {
      "goal": {
        "title": "Savings goal",
        "description": "The balance you want to have at the end.",
        "type": "number",
        "x-unit": "USD",
        "exclusiveMinimum": 0,
        "maximum": 1000000000
      },
      "initial": {
        "title": "Saved so far",
        "description": "The amount in the account at the start.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 1000000000
      },
      "apy": {
        "title": "APY (annual percentage yield)",
        "description": "The yearly yield the account pays, with compounding included.",
        "type": "number",
        "x-unit": "percent",
        "minimum": 0,
        "maximum": 30
      },
      "years": {
        "title": "Years",
        "description": "How many whole years until you want the money.",
        "type": "integer",
        "minimum": 0,
        "maximum": 50
      },
      "months": {
        "title": "and months",
        "description": "Extra months on top of the years.",
        "type": "integer",
        "minimum": 0,
        "maximum": 11
      }
    }
  },
  "outputs": {
    "monthly": {
      "label": "Save each month",
      "description": "The deposit at the end of every month that makes the final balance equal the goal; $0 if the start already reaches it.",
      "format": "money"
    },
    "deposits": {
      "label": "Your money",
      "description": "What you had at the start plus every monthly deposit.",
      "format": "money"
    },
    "interest": {
      "label": "Interest earned",
      "description": "The final balance minus your money.",
      "format": "money"
    },
    "balance": {
      "label": "Balance at the end",
      "description": "The balance after the last month: the goal, or more if the start alone grows past it.",
      "format": "money"
    },
    "saved": {
      "label": "New deposits in all",
      "description": "The monthly deposit × the number of months.",
      "format": "money"
    },
    "months": {
      "label": "Months",
      "description": "The number of monthly deposits: 12 × years + months.",
      "format": "integer"
    }
  },
  "defaultAnswer": {
    "inputs": {
      "goal": 10000,
      "initial": 1000,
      "apy": 4,
      "years": 3
    },
    "outputs": {
      "monthly": 232.69225553902888,
      "deposits": 9376.921199405042,
      "interest": 623.0788005949616,
      "balance": 10000.000000000004,
      "saved": 8376.92119940504,
      "months": 36
    },
    "text": "Save $232.69 a month to reach $10,000.00."
  },
  "examples": [
    {
      "given": {
        "goal": 12000,
        "initial": 0,
        "apy": 0,
        "years": 2
      },
      "expect": {
        "monthly": 500,
        "deposits": 12000,
        "interest": 0,
        "months": 24
      },
      "source": "hand calculation in content.mdx: (12,000 − 0) ÷ 24 at 0%; U.S. Securities and Exchange Commission, Investor.gov, Savings goal calculator (the amount to save each month to reach a goal), https://www.investor.gov/financial-tools-calculators/calculators/savings-goal-calculator (retrieved 2026-10-02)"
    },
    {
      "given": {
        "goal": 10000,
        "initial": 1000,
        "apy": 4,
        "years": 3
      },
      "expect": {
        "monthly": 232.6922555390285,
        "balance": 10000
      },
      "source": "hand calculation in content.mdx: g = 1.04^(1/12) − 1, (10,000 − 1,000 × 1.04³) × g ÷ (1.04³ − 1); Consumer Financial Protection Bureau, Regulation DD (Truth in Savings), 12 CFR 1030, Appendix A: annual percentage yield calculation, https://www.consumerfinance.gov/rules-policy/regulations/1030/a/ (retrieved 2026-10-02)",
      "tolerance": 1e-9
    },
    {
      "given": {
        "goal": 5000,
        "initial": 6000,
        "apy": 2,
        "years": 1
      },
      "expect": {
        "monthly": 0,
        "balance": 6120
      },
      "source": "Consumer Financial Protection Bureau, Regulation DD (Truth in Savings), 12 CFR 1030, Appendix A: annual percentage yield calculation, https://www.consumerfinance.gov/rules-policy/regulations/1030/a/ (retrieved 2026-10-02): a balance left a year grows by the APY, 6,000 × 1.02 = 6,120, already past the goal",
      "tolerance": 1e-12
    },
    {
      "given": {
        "goal": 20000,
        "initial": 2000,
        "apy": 5,
        "years": 1,
        "months": 6
      },
      "expect": {
        "months": 18,
        "monthly": 957.6675285837345
      },
      "source": "hand calculation in content.mdx: n = 18, g = 1.05^(1/12) − 1; U.S. Securities and Exchange Commission, Investor.gov, Savings goal calculator (the amount to save each month to reach a goal), https://www.investor.gov/financial-tools-calculators/calculators/savings-goal-calculator (retrieved 2026-10-02)",
      "tolerance": 1e-9
    }
  ],
  "sources": [
    "Consumer Financial Protection Bureau, Regulation DD (Truth in Savings), 12 CFR 1030, Appendix A: annual percentage yield calculation. https://www.consumerfinance.gov/rules-policy/regulations/1030/a/ (retrieved 2026-10-02)",
    "U.S. Securities and Exchange Commission, Investor.gov, Savings goal calculator (how much to save each month to reach a goal). https://www.investor.gov/financial-tools-calculators/calculators/savings-goal-calculator (retrieved 2026-10-02)"
  ],
  "related": [
    "savings",
    "compound-interest",
    "emergency-fund",
    "cd"
  ],
  "changelog": []
}