The formula
Monthly saving = (goal − current × (1 + r)^n) × r ÷ ((1 + r)^n − 1) r = annual rate ÷ 12, n = number of months
For the “when will I get there” mode, the calculator adds your monthly saving and interest month by month until the goal is reached.
Worked examples
R100 000 deposit in three years
Starting with R10 000 and earning 7%, you need to save about R2 200 a month for 36 months.
Save every monthR2 195.61For 36 months
Target date5 November 2029
Interest earned (approx.) Your assumptionR10 958.21
Your plan
- Goal
- R100 000.00
- Already saved
- R10 000.00
- Your future deposits
- R79 041.79
- Interest
- R10 958.21
Saving R2 000 a month for an emergency fund
At R2 000 a month and 7% interest you reach R60 000 in about two years and four months.
You reach your goal by5 March 2029
Time needed2 years 4 months
Interest earned (approx.) Your assumptionR4 000.00
Frequently asked questions
How big should my emergency fund be?
A common guideline is three to six months of essential expenses, kept somewhere you can access quickly, such as a money market or notice deposit account.
Where should I keep money for a short-term goal?
For goals within a few years, capital safety matters more than growth — consider a savings account, notice deposit or money market fund rather than shares.