Free savings calculator
Savings goal calculator
Set a target and timeline to estimate how much you should save each month, with optional growth on your existing balance and future contributions.
Savings plan
Define your goal
The estimate assumes monthly compounding and deposits made at the end of each month.
Year-by-year savings plan
Follow how monthly deposits and estimated growth build toward the target.
| Year | Contributions | Growth | Balance |
|---|---|---|---|
| Year 1 | GEL 7,439.71 | GEL 516.43 | GEL 12,956.14 |
| Year 2 | GEL 14,879.43 | GEL 1,523.58 | GEL 21,403.00 |
| Year 3 | GEL 22,319.14 | GEL 3,051.71 | GEL 30,370.85 |
| Year 4 | GEL 29,758.85 | GEL 5,132.96 | GEL 39,891.81 |
| Year 5 | GEL 37,198.56 | GEL 7,801.44 | GEL 50,000.00 |
How the monthly savings amount is calculated
A savings goal turns a vague wish (a down payment on an apartment, a car, a wedding or a child's education) into a number you can act on every month. The calculator works backwards from the target: it tells you the fixed monthly amount that gets you there on time.
You enter the target amount, what you have already saved, the expected annual interest rate and how many years you have. First it projects how much your current savings will grow to on their own by the deadline. Whatever is still missing has to come from monthly contributions, so it finds the equal monthly amount that, with interest added each month, closes exactly that gap. The yearly table shows how much of the balance comes from your contributions and how much from interest.
The calculation assumes contributions at the end of each month and a steady interest rate. If you can only save in some months, or if the rate changes, rerun it with new figures; it takes a few seconds.
Monthly saving = (Target − Current × (1 + i)^n) × i ÷ ((1 + i)^n − 1)
i is the monthly interest rate (annual rate ÷ 12, as a decimal) and n the number of months. With a 0% rate the monthly saving is simply (Target − Current) ÷ n.
Example: saving 50,000 GEL in 5 years
Say you want 50,000 GEL in 5 years for a down payment. You already have 5,000 GEL saved and expect a 6% annual rate on your savings.
- Months available: 5 × 12 = 60; monthly rate: 6% ÷ 12 = 0.5%.
- Your current 5,000 GEL grows on its own to about 6,744 GEL by the deadline.
- Still missing: 50,000 − 6,744 ≈ 43,256 GEL.
- Monthly saving needed: about 620 GEL a month for 60 months.
- In total you put in about 37,199 GEL; interest adds about 7,801 GEL.
Without any interest you would need 750 GEL a month to reach the same goal. Interest does about 130 GEL of the work every month, which is why it pays to keep savings in an account that earns something.
How to read the result
- Automate it. Set up a standing transfer to a separate savings account on payday, so the monthly amount is saved before you have a chance to spend it.
- Keep the goal in the currency you will spend. If the apartment is priced in dollars, consider saving in dollars so a change in the exchange rate does not move the target away from you.
- Be conservative with the rate. A lower rate gives a higher monthly figure and a margin of safety; if the real return turns out better, you will simply arrive earlier.
- Build the emergency fund first. Keep a few months of expenses aside before you lock money into a long-term goal, so an unexpected bill does not force you to break into it.
- Review every few months. If you have fallen behind, the calculator shows the new monthly amount needed; if you are ahead, you can lower it or bring the goal forward.
Frequently asked questions about savings goals
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