Savings goal calculator
Enter what you are saving for, what you have already and either a deadline or a monthly amount. The calculator tells you how much to put away each month — or how many months it will take.
Still to save
$4,800.00
Save each month
$400.00
for 12 months
How to use it
- Enter your target and how much you have saved so far.
- Choose "by a date" to get a monthly amount, or "at a monthly amount" to get the time it takes.
- Use the result as your monthly savings budget.
How it is calculated
Monthly saving needed = (target − already saved) ÷ months until the deadline.
Months to reach the goal = (target − already saved) ÷ monthly saving, rounded up to a whole month. No interest is assumed, so the result is a safe upper bound if your savings earn interest.
Example
To save 6,000 for an emergency fund in 12 months, starting from 1,200: (6,000 − 1,200) ÷ 12 = 400 a month. At 300 a month instead, it takes 16 months.
Frequently asked questions
How much should I save for an emergency fund?
A common target is three to six months of essential expenses. Start with one month and build from there.
Should I save for several goals at once?
Yes, but give each a monthly amount in proportion to how urgent it is. The IncomeWise savings goals feature does this automatically from your deadlines.
Does this include interest?
No. Without interest the answer is conservative: any interest you earn gets you there sooner.
Do this automatically in IncomeWise
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Keep this plan running every month
IncomeWise tracks your spending against your split, suggests budgets and shows when you'll reach your goals. Free to start.