How much should I save every month?

A common rule is to save at least 20% of your income. For a specific goal, divide the target by the months available, then reduce that amount because interest will do part of the work.

What interest rate should I assume?

For safe savings use 4-7% (savings accounts, FDs, bonds). The higher the rate, the lower your monthly deposit needs to be.

Savings Goal Calculator

Set a target amount and see the monthly deposit you need.

Savings Goal

Savings Goal ($)

Annual Interest Rate (%)

Time to Goal (years)

yrs

Compounding

Monthly Deposit Needed

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Total Deposits

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Interest Earned

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How much to save each month

Without interest, reaching $10,00,000 in 10 years needs about $8,333 a month. With 6% interest compounded monthly, the required deposit drops to about $6,100 — the difference is the interest doing the work. The earlier you start, the less you need to save.

Savings Calculator FAQ

Should I save or invest for my goal?▶

For goals within 2-3 years, use safe savings products. For long-term goals, investing in equities historically earns more, so you need to save less each month — but with more risk.

Can I start with a smaller deposit?▶

Yes — increase the time to goal, raise the assumed rate, or lower the goal. Any small regular deposit beats waiting until you can save a large amount.