Take what you have already saved from your target and divide by the months you have. To reach ₦3,000,000 in 10 months with ₦500,000 saved, you need ₦250,000 a month, about ₦57,700 a week. If your savings earn interest, enter the yearly rate and the amount drops.
How the Savings Goal Calculator works
- Enter the amount you want to have.
- Enter the number of months.
- Enter what you have saved already.
- Add the yearly interest rate if your savings earn any.
Worked example
A hairdresser wants ₦3,000,000 in 10 months to open her own salon. She has saved ₦500,000.
Save per month: ₦250,000
Per week: about ₦57,692.31
In a savings account paying 15% a year, she would need about ₦230,007.68 a month.
Common mistakes to avoid
- Not counting what you already have
- Setting a goal without a date
- Saving business money in your everyday account
Need a different calculator?
Make it automatic
Set up a standing order or automatic savings on the day you are paid or on your busiest sales day. Money you don’t see is easier to save.
Business savings
For a business, save towards specific things: rent renewal, a new generator, Christmas stock. Divide each by the months left, add them up, and set that aside every month.
If you fall behind
Missing a month does not end the plan. Use the calculator again with the new amount saved and the months left, and it shows the new monthly figure. If the new figure is too high, move the date back rather than giving up on the goal.
Frequently asked questions
How do I calculate monthly savings?
(Target − saved) ÷ months, if there is no interest.
Does interest make a big difference?
Over a few months, not much. Over years, a lot.
Should I count ajo?
Yes, if your payout will come before your deadline.
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