How much do I need to save each month to reach $30,000 in 5 years?

It depends on your starting balance and interest rate — enter your numbers above. As a reference, from $2,000 at 4% interest, it works out to a little under $450 a month.

Why does a higher interest rate lower my required monthly deposit by so much?

Because interest compounds: money deposited earlier earns interest for longer, and that interest itself earns more interest. Over many years, a higher rate can replace a surprisingly large share of what you'd otherwise have to deposit yourself.

Why is my projected final balance a bit above my goal in "time to reach it" mode?

Because the exact number of months is almost never a whole number, and you can't make a fractional deposit. The calculator rounds up to the next whole month, which typically overshoots the goal slightly.

What if I can't reach my goal in a reasonable time?

The calculator won't project further than 100 years. If your goal, deposit and rate combination doesn't get there within that, try a larger monthly deposit, a longer deadline or a higher-yield account.

Does this account for taxes on interest?

No. Depending on where you live and the type of account, interest earned may be taxable, which would reduce your real growth rate below what's entered here.

Savings Goal Calculator: How Much to Save, or How Long It Takes

To hit a savings goal, this calculator works backwards from compound interest: enter your goal, starting balance, interest rate and either a deadline (to find the monthly deposit needed) or a monthly deposit (to find how long it will take).

Savings goal

Starting balance

Yearly interest rate

Years (1–60)

Save this much each month

416

Goal

$30,000

You'll put in

$26,940

Interest earned

$3,060

Your deposits Interest

Each bar is one year. Hover a bar for the balance.

Assumes a steady interest rate and deposits made at the end of every month — real accounts have rates that move and fees that this illustration doesn't include.

Show the math

1
Start with your goal and starting balance
Goal $30,000 · starting balance $2,000 · 4% a year · 5 years

Read the steps as text

Start with your goal and starting balance. Goal $30,000 · starting balance $2,000 · 4% a year · 5 years
Convert the yearly rate to a monthly rate. 4% ÷ 100 ÷ 12 = 0.00333333
Find what your starting balance grows to alone. $2,000 × (1 + 0.00333333)^60 = $2,442 This is what you'd end up with even if you never added another cent.
Solve for the monthly deposit. ($30,000 − $2,442) × 0.00333333 ÷ ((1 + 0.00333333)^60 − 1) = $415.66 The same formula as compound interest, rearranged to solve for the missing monthly deposit instead of the ending balance.
Month 1: interest on the starting balance. $2,000.00 × 0.00333333 = $6.67
Month 1: add interest and the monthly deposit. $2,000.00 + $6.67 + $415.66 = $2,422.33 Every following month repeats this, starting from the new, larger balance.
After year 1 (12 months). $6,987.95 put in → balance $7,161.90 Interest earned so far: $173.95
After year 2. $11,975.90 put in → balance $12,534.11 Interest is now 4.5% of the balance and is growing faster each year.
After year 5: the result. $26,939.76 put in + $3,060.24 interest = $30,000.00 Interest made up 10.2% of your final balance.

Working backwards from a goal

The compound interest calculator on this site answers "what will I end up with?" given a starting amount, a monthly deposit and a number of years. This calculator answers the opposite two questions: "how much do I need to deposit each month to hit a specific number by a certain date?" and "how long will it take at the deposit I can actually afford?" Both use the same compound-growth formula, just rearranged to solve for a different piece.

Interest is added every month on the current balance, including any interest already earned, so your money grows faster in later years than in early ones — which is why starting sooner (or accepting a longer timeline) can lower the monthly amount needed by more than it might seem.

Reading the two modes

"Monthly deposit needed" fixes your deadline and solves for the deposit. If your starting balance is already projected to reach the goal through interest alone, the calculator says so and shows $0 rather than a negative or nonsense number.

"Time to reach it" fixes your monthly deposit and solves for how long it takes, rounded up to a whole month since a deposit can't be made in fractions of a month. That rounding means the final projected balance is usually a little above the goal, which the working shows explicitly.

Making the numbers realistic

A savings goal calculator is only as useful as its assumptions. Real interest rates move up and down, some accounts compound daily rather than monthly, and many have fees, minimum balances or limits on withdrawals and deposits. Treat the result as a planning estimate to revisit periodically, not a guaranteed number — and if the goal is for a house deposit, retirement or another major milestone, it's worth checking the numbers against your actual account's terms.

Frequently asked questions

How much do I need to save each month to reach $30,000 in 5 years?: It depends on your starting balance and interest rate — enter your numbers above. As a reference, from $2,000 at 4% interest, it works out to a little under $450 a month.
Why does a higher interest rate lower my required monthly deposit by so much?: Because interest compounds: money deposited earlier earns interest for longer, and that interest itself earns more interest. Over many years, a higher rate can replace a surprisingly large share of what you'd otherwise have to deposit yourself.
Why is my projected final balance a bit above my goal in "time to reach it" mode?: Because the exact number of months is almost never a whole number, and you can't make a fractional deposit. The calculator rounds up to the next whole month, which typically overshoots the goal slightly.
What if I can't reach my goal in a reasonable time?: The calculator won't project further than 100 years. If your goal, deposit and rate combination doesn't get there within that, try a larger monthly deposit, a longer deadline or a higher-yield account.
Does this account for taxes on interest?: No. Depending on where you live and the type of account, interest earned may be taxable, which would reduce your real growth rate below what's entered here.