Calculate the gap between required monthly savings to reach a goal and your current monthly savings. See how much more to save per month or how long it would take at your current rate.
Monthly Savings Gap
Enter your savings goal, timeline, and current monthly savings. The calculator shows required monthly savings, the gap (shortfall or surplus), and how long it would take at your current rate.
Understanding the Savings Gap
What the gap means and how to close it
Required vs Current
Required monthly savings = Goal ÷ Months. The gap is required minus what you save now. A positive gap means you need to save more per month (or extend the timeline); a negative gap means you are ahead and could shorten the timeline or increase the goal.
Closing the Gap
To close a shortfall: increase monthly savings (cut spending or raise income), extend the number of months, or reduce the goal. Automating transfers to savings right after payday helps keep you on track.
Formula Used
Required Monthly Savings = Savings Goal ÷ Months to Goal
Monthly Gap = Required Monthly Savings − Current Monthly Savings
Months at Current Rate = Savings Goal ÷ Current Monthly Savings (if current > 0)
Monthly Savings Gap: How Much More to Save to Reach Your Goal
The savings gap is the difference between what you need to save each month to reach a goal on time and what you are actually saving. This calculator shows the gap and how long it would take at your current rate.
The monthly savings gap is the difference between the amount you need to save each month to reach a goal by a target date and the amount you are currently saving. A positive gap means you are short; a negative gap means you are ahead.
Why It Matters
Knowing the gap helps you decide whether to increase savings, extend the timeline, or adjust the goal. Without it, you may miss the target date or save more than needed without realizing you could reach the goal sooner.
Required vs Current
Required monthly savings = Goal ÷ Months to goal. Your current monthly savings may be higher or lower. The gap = Required − Current. If the gap is positive, you need to save that much more per month (or change timeline/goal).
How It Is Calculated
Required monthly savings = Savings goal ÷ Number of months to reach the goal. Monthly gap = Required monthly savings − Current monthly savings. Months at current rate = Goal ÷ Current monthly savings (shows how long it would take if you never change).
The Formula
Required Monthly = Goal ÷ Months | Gap = Required − Current
How to Close the Gap
To close a shortfall: (1) Increase monthly savings by cutting spending or increasing income; (2) Extend the number of months to the goal; (3) Reduce the goal amount. Automating savings right after payday helps stay on track.
Increase Savings
Redirect raises, bonuses, or windfalls to savings. Cut non-essential spending and move the difference to savings. Even small increases compound over time.
Adjust Timeline or Goal
If you cannot save the full gap, extend the timeline so required monthly drops, or lower the goal. Better to hit a slightly smaller or later goal than to give up.
Using This Calculator
Enter your savings goal (dollar amount), the number of months in which you want to reach it, and your current monthly savings. The calculator shows required monthly savings, the gap, and how many months it would take at your current rate.
What Counts as Current Savings
Use the amount you actually put toward this goal each month (e.g. emergency fund, down payment, vacation). Include automatic transfers and manual deposits; exclude one-off windfalls unless you expect to repeat them.
Conclusion
The monthly savings gap shows how much more (or less) you need to save each month to reach a goal on time. Use this calculator to see the gap, then close it by increasing savings, extending the timeline, or adjusting the goal.
Frequently Asked Questions
Common questions about the monthly savings gap
What is the monthly savings gap?
The monthly savings gap is the difference between how much you need to save each month to reach a goal by a target date and how much you are currently saving. A positive gap means you need to save more per month (or extend the timeline); a negative gap means you are ahead.
How do I close a savings gap?
Close a shortfall by: increasing monthly savings (cut spending or increase income), extending the number of months to the goal, or reducing the goal amount. Automating savings right after payday helps you stay on track.
Does this account for interest?
This calculator uses simple division (goal ÷ months). It does not compound interest. For goals in interest-bearing accounts, required monthly may be slightly lower; use a savings goal or compound-interest calculator if you want growth included.
What if my current savings are zero?
If you enter zero current monthly savings, the gap equals the required monthly amount and “months at current rate” is not defined (you would never reach the goal without saving). Start with any amount you can and increase over time.
Can I use this for multiple goals?
Yes. Run the calculator once per goal (e.g. emergency fund, down payment, vacation). Add the required monthly amounts to see total monthly savings needed across goals; compare to your total current savings to see overall gap.
What if I can’t save the full gap?
Extend the timeline (more months) so required monthly drops, or reduce the goal. Saving something is better than nothing; you can increase savings later as income or budget allows.
Should I include windfalls or one-time savings?
Use ongoing monthly savings for “current monthly savings.” One-time windfalls (bonus, tax refund) can close the gap faster but are not repeated monthly; if you get them regularly, you could annualize and divide by 12 to approximate a monthly equivalent.
How does this differ from a savings goal timeline calculator?
A timeline calculator often asks “how long to reach goal at current rate?” This calculator asks “how much must I save per month to reach the goal by a target date?” and shows the gap between that and what you save now. Both are useful: one fixes timeline, one fixes monthly amount.
What if my goal is in years, not months?
Convert years to months (e.g. 2 years = 24 months) and enter that in “Months to reach goal.” The calculator then gives required monthly savings and the gap.
When should I revisit my savings gap?
Revisit when your income or expenses change (raise, new job, rent change), when you get a windfall (bonus, tax refund) that could close the gap, or quarterly. Tracking over time shows whether you are closing the gap and staying on track for the goal.
Usage of this Calculator
Practical applications and real-world context
Who Should Use This Calculator?
Anyone with a Savings GoalTo see how much to save per month and whether you are on track (emergency fund, down payment, vacation, etc.).
Budgeters and PlannersTo quantify the gap and decide whether to increase savings, extend the timeline, or adjust the goal.
Emergency Fund or Down Payment SaversTo check required monthly vs current and close the gap by the target date.
After a Raise or Side IncomeTo see how much of the increase to allocate to a goal so you hit the target on time.
Limitations & Accuracy nuances
No interest: Assumes no investment growth. For goals with growth, required monthly may be lower; use a compound-interest or savings-goal calculator for that.
Stable savings: Assumes you can save the same amount each month. If income or expenses vary, use an average or conservative estimate.
One goal at a time: Enter one goal per calculation; add required monthly amounts across goals to see total needed.
Real-World Examples
Case A: Goal $24,000 in 12 months, current $1,200/month
Required = $24,000 ÷ 12 = $2,000/month. Gap = $2,000 − $1,200 = $800 shortfall. You need to save $800 more per month, or extend to 20 months at $1,200/month.
Case B: Goal $6,000 in 12 months, current $600/month
Required = $500/month. Gap = $500 − $600 = −$100 (ahead). You could reach the goal in 10 months or increase the goal to $7,200 and still hit it in 12 months.
Summary
The Monthly Savings Gap Calculator shows required monthly savings (goal ÷ months), the gap (required − current), and months to goal at your current rate. Use it to see how much more to save per month or how to adjust timeline or goal.
Close a shortfall by increasing savings, extending the timeline, or reducing the goal.
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Calculate the gap between required monthly savings to reach a goal and your current monthly savings. See how much more to save per month or how long it would take at your current rate.
How to use Monthly Savings Gap Calculator
Step-by-step guide to using the Monthly Savings Gap Calculator:
Enter your values. Input the required values in the calculator form
Calculate. The calculator will automatically compute and display your results
Review results. Review the calculated results and any additional information provided
Frequently asked questions
How do I use the Monthly Savings Gap Calculator?
Simply enter your values in the input fields and the calculator will automatically compute the results. The Monthly Savings Gap Calculator is designed to be user-friendly and provide instant calculations.
Is the Monthly Savings Gap Calculator free to use?
Yes, the Monthly Savings Gap Calculator is completely free to use. No registration or payment is required.
Can I use this calculator on mobile devices?
Yes, the Monthly Savings Gap Calculator is fully responsive and works perfectly on mobile phones, tablets, and desktop computers.
Are the results from Monthly Savings Gap Calculator accurate?
Yes, our calculators use standard formulas and are regularly tested for accuracy. However, results should be used for informational purposes and not as a substitute for professional advice.