Savings Goal Calculator
Pick a target and a deadline — we'll tell you the exact monthly amount to put away, counting the interest your savings earn along the way.
Save this much per month
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Total you'll deposit
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Interest earned
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Weekly equivalent
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How the math works
Your current savings grow on their own at the interest rate you set. The gap that remains is covered by equal monthly deposits, each earning interest from the month it's made (an ordinary annuity). The calculator solves for the deposit that lands you exactly on target: goal = current × growth + deposit × annuity factor.
Common savings goals and sensible timelines
| Goal | Typical target | Where to keep it |
|---|---|---|
| Emergency fund | 3–6 months of expenses | High-interest savings account |
| House down payment | 5–20% of home price | HISA / GIC / government-registered plans |
| Car (paying cash) | Purchase price + tax | HISA or short-term GIC |
| Tuition year | Tuition + living costs | Registered education plans where available |
Making it stick
Automate the transfer on payday — savings that leave your checking account before you see them don't get spent. If the monthly number looks impossible, extend the timeline or split the goal: the weekly equivalent shown above often feels far more doable.
Frequently asked questions
Should goal money be invested in stocks?
For goals under ~3–5 years, most planners recommend cash-like savings (HISA, GICs/CDs) — a market dip right before your deadline could set you back years. Longer goals can justify some market exposure; use our compound interest calculator to model higher rates.
What interest rate should I enter?
Use the rate your account actually pays: typical high-interest savings accounts pay a few percent. If your money sits in a no-interest checking account, enter 0 — the calculator becomes a simple division.
Do deposits earn interest immediately?
In this model, each deposit starts earning from the month it's made. Real accounts credit interest monthly based on daily balances, which lands within pennies of this estimate.