Free Savings Goal Calculator for Excel (2024 Update)

In this article, we will explain how to use our free savings interest calculator for Excel. Read on to learn more!

Savings Goal Calculator for Excel

You can get a copy of our free savings goal calculator for Excel here.

Do not request permission to edit. Simply go to File > Make a copy.

How to Use the Savings Goal Calculator for Excel

Suppose your savings goal is $10,000. You already have $1,000 saved. You expect an annual interest rate of 5%. You plan to save over 5 years. Here’s how to use our calculator:

1. Open the Savings Goal Calculator Excel file

Everything should already be set up for you.

2. Enter Your Information in Column B

Savings Goal Amount (B2): Enter your savings goal amount (e.g., $10,000).

Current Savings (B3): Enter the amount you already have saved (e.g., $1,000.

Annual Interest Rate (%) (B4): Enter the expected annual interest rate as a percentage (e.g., 5%).

Savings Period (Years) (B5): Enter the number of years you plan to save (e.g., 5).

3. Review the Calculated Values

Savings Period (Months) (B6): This will automatically calculate the total savings period in months.

Monthly Interest Rate (B7): This will automatically calculate the monthly interest rate.

Monthly Savings Required (B8): This will automatically calculate the monthly savings required to reach your goal.

We hope that you now have a better understanding of how to use our savings interest calculator for Excel. If you enjoyed this article, you might also like our articles on how to how to filter strikethrough in Excel and our free income tax calculator for Excel.