About This Calculator
How to Plan Your Savings Goal
Whether saving for a house deposit a car an emergency fund or any other target this calculator shows you exactly what it takes. Choose between two modes: find how long your current savings rate will take or how much you need to save monthly to hit your goal by a specific date.
Two Planning Modes
Mode 1 tells you when you will reach your goal at your current savings rate. Mode 2 tells you exactly how much to save monthly to hit your goal by a specific deadline.
Milestone Tracking
The milestone tracker shows when you will reach 25% 50% 75% and 100% of your goal useful for staying motivated over a multi-year savings plan.
Interest Counts
Savings accounts earn interest which compounds over time and reduces how much you personally need to contribute. Our calculator accounts for this automatically.
Worked Example
Marco wants to save 20,000 for a house deposit. He has 3,000 already saved and can put away 500 per month. His savings account pays 2.5% annual interest. Using Mode 1: he will reach his goal in 31 months — just under 3 years — of which 17,000 comes from his contributions and 440 from interest earned. If he increases his monthly saving to 600, he reaches the goal in 26 months.
Common Questions
What interest rate should I use for a savings account?
European high-yield savings accounts currently offer 2-4% annually. For a conservative estimate use 2-3%. If your money earns nothing use 0%.
Should I account for inflation?
For short-term goals under 3 years inflation has minimal impact. For longer goals your target amount may need to increase over time.
What if I cannot save a fixed amount each month?
Use the calculator with a conservative estimate of what you can reliably save. Any months where you save more will put you ahead of schedule.
How much should I save each month as a percentage of income?
A common rule of thumb is the 50/30/20 rule: 50% of take-home pay on needs, 30% on wants, and 20% on savings and debt repayment. For building specific goals quickly higher rates of 25-30% are recommended. For retirement financial planners often suggest saving 15% of gross income throughout your working life.
What is the difference between a savings goal and a sinking fund?
A sinking fund is a specific type of savings goal where you systematically set aside money for a known future expense — for example saving 100 per month knowing your car insurance will be 1,200 in 12 months. Both use the same calculation. The term sinking fund is more common in budgeting and business contexts.