Savings goal calculator
Two questions, one tool. Either tell it what you can put away each month and it returns the date, or tell it the deadline and it returns the monthly deposit. Interest is included in both directions.
WealthPath Calculator · Savings Goal Calculator · report generated for personal use
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How this calculator works
In timeline mode the balance is grown month by month with your deposit until it reaches the goal, and the exact crossing point is reported in years and months.
In deposit mode the required monthly amount is solved directly from an annuity-due formula, so contributions are assumed at the start of each month - which is what a standing order on payday actually does.
Choosing where to keep the money
Under three years, cash. A market fall in the year you need the money turns a plan into a delay measured in years.
Over seven years, a diversified investment account has historically produced better outcomes. Between the two is a judgement call about how firm the deadline is.
Frequently asked questions
How do I work out my monthly saving?
Switch the mode at the top of the calculator to 'what to save a month', enter your goal and deadline, and the required deposit is solved for you including interest.
Should I save or invest for my goal?
Under three years, cash. Over seven, investing is usually the better expected outcome. In between depends on how firm the deadline is.
Does the calculator include interest?
Yes, compounded monthly at the rate you enter. Use the effective annual yield your account actually pays.
What is a realistic savings account rate?
It moves with central bank rates and varies widely between providers. Check the current effective yield on a comparison site and enter that.
What happens if I miss a month?
The timeline slips slightly. Recalculate with your current balance rather than abandoning the goal.
Worked examples using this calculator
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