How Much Should You Save Monthly to Hit a Savings Goal?
Whether you're saving for a property down payment, a wedding, or an emergency fund, the math behind "how much per month" is straightforward once you break it into three numbers: your goal, your timeline, and whatever you're already earning on your savings.
Work out your monthly savings target
Enter your goal, timeline and current savings to get your number.
The simple version (no interest)
If your savings aren't earning meaningful interest, the calculation is just: (goal amount − current savings) ÷ months remaining. Straightforward, but it slightly overstates what you need if your money will actually be earning some return along the way.
Why interest changes the number
If you're saving into an interest-bearing account, your existing savings and your monthly contributions both grow over time — meaning you need to save slightly less per month than the simple calculation suggests to hit the same goal, because the interest does some of the work for you.
Building in a buffer
Whatever number you land on, consider padding your goal amount by 10-15% — unexpected costs (or an underestimated target, like renovation costs on a new home) are the norm rather than the exception.
Frequently asked questions
Should I include expected interest when planning a savings goal?
What if I can't hit the required monthly amount?
Don't miss it: Work out your monthly savings target
Use our free tool and get your answer with real numbers.