Savings Calculator
Calculate how much you need to save each month to reach your financial goal.
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How to reach your savings goal
A savings calculator helps you determine exactly how much you need to set aside each month to reach a specific financial target — whether that's an emergency fund, a house deposit, or a retirement nest egg.
The key variables are your target amount, how much you already have saved, the interest rate you can earn on your savings, and the time horizon. Even a modest interest rate significantly reduces the monthly contribution needed thanks to compound growth.
Start saving as early as possible. The longer your time horizon, the less you need to save each month to reach the same goal — this is the power of time working in your favour.
Frequently Asked Questions
Enter your savings goal, current savings, expected annual interest rate and the number of years. The calculator computes the monthly contribution needed to reach the target using the standard future value of annuity formula.
Use the rate your savings account or investment offers. High-yield savings accounts currently offer 3-5% in Europe. For conservative estimates, use 2-3%. For investment accounts, 6-8% is a common long-term assumption.
Enter your existing balance in the 'Current Savings' field. These savings will compound over the full period, reducing the monthly contribution you need to make.
Yes. If your goal is €50,000 in today's money and inflation averages 3%, you'll actually need about €67,000 in 10 years to maintain the same purchasing power. Use our Inflation Calculator to adjust for this.
Financial advisors typically recommend 3-6 months of living expenses. If your monthly expenses are €2,000, aim for €6,000-€12,000 in an accessible savings account.
Both approaches work, and they can be combined. A lump sum invested early benefits from more compounding time. Regular monthly contributions (dollar-cost averaging) reduce timing risk and build a consistent savings habit.
Most financial planners suggest saving at least 20% of your net income. If that's not possible, start with whatever you can and increase it over time. Even 5-10% saved consistently beats waiting until you can save more.
Run the calculator separately for each goal and sum the monthly requirements. Prioritise by urgency: emergency fund first, then medium-term goals like house deposit, then long-term goals like retirement.