Cellsmith/Free calculators/Savings goal
How much do I need to save each month?
Set a target, what you have already and when you need it. Add an interest rate if the money sits in a savings account.
Goal inputsYellow cells are yours
mo
%
ResultLive
-
How it is worked out
Take what you still need, the target minus what you have, and spread it over the months you have left. If the money earns interest, each deposit grows a little, so you need to put in slightly less. That version is the PMT function in Excel.
Short on time? Cut the target, push the date out a few months, or move the savings to an account that pays more interest. Change any yellow cell above to see the effect straight away.
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