What it is and what it is for
Having a goal with a date, such as a trip, a house deposit or an emergency fund, changes how you save. This calculator works backwards: you say how much you want to collect and how soon, and it tells you how much to set aside each month.
If your money sits in an account that pays interest, the required deposit drops because interest does part of the work. If you prefer not to rely on it, set the rate to 0 and you get the safe minimum deposit.
How to use it, step by step
- Type the total amount you want to reach.
- Enter how much you have already saved for it. If nothing, enter 0.
- Enter the annual interest of the account where you will keep the money, or 0 if it pays nothing.
- Choose in how many years you want to reach it.
- Press Calculate and compare the deposit with what you can really afford each month.
Worked example
To collect 12,000 in 2 years starting from zero with no interest, you need to save 500 a month. With an account at 3% a year the deposit falls to about 486. If you already have 2,000 saved, it drops to roughly 400 a month.
Frequently asked questions
What if the deposit comes out too high?
You have two levers: stretch the term or lower the goal. Try one more year and see how much the monthly effort changes.
Why does the deposit show 0?
Because what you already have, with its interest, reaches the goal within the chosen term without adding anything.
Should I account for inflation?
If the goal is many years away, yes: money will buy less. Raise the goal a little to compensate.
Is the interest guaranteed?
Only on fixed, guaranteed products. For variable investments use a cautious rate or zero.