Why work backwards from the goal
Most saving fails not because the amount was too big but because it was never defined. "Save more" is a mood; "put away this exact amount monthly until this date" is a plan you can automate and forget. This tool does the arithmetic backwards from the target so you can set up a standing instruction and stop deciding every month — because deciding every month is where the plan leaks.
Picking a sensible target and date
- Emergency fund: start with one month of essential expenses, then extend toward three to six. Our emergency fund guide covers realistic milestones on an irregular income.
- A known expense — school fees, a licence, equipment, a lease renewal: the date is fixed, so the only variable is the monthly amount. That is exactly the case this calculator handles best.
- A deadline you chose yourself: be honest about it. A target that needs half your income is not a plan, it is a wish — better to extend the date than to set an amount you will abandon in month two.
If the monthly number is too big
You have three honest options, in order of preference: push the date out, cut the target, or find a better rate on the money while it sits. What does not work is keeping the plan on paper and missing it monthly. Note how modest the "interest does the rest" figure is over short periods — over one or two years, your deposits do almost all the work, which also means a slightly better savings rate matters far less than actually making the deposits.
This tool runs entirely in your browser — nothing you type is sent to us or stored. Results are estimates for education, not financial advice; real products carry fees and taxes this generic tool cannot know. More tools: see the full list.