CalculynQuick answer
To reach $10,000 in 24 months with $1,000 saved at 4% interest, save about $353 a month.
How it works
Your existing savings grow with interest, and each monthly deposit earns interest too. This works out the monthly amount that gets you to the goal on time.
Formula
Monthly = (goal − saved × (1 + r)^n) × r ÷ ((1 + r)^n − 1), where r = rate ÷ 12
Assumptions & limitations
- Results are rounded for display.
Frequently asked questions
Where should I keep goal savings?
A high-yield savings account keeps the money safe, separate and earning interest.