How to track savings goals
Set a savings goal, work out how much to save each month, and check whether you are on track, with the formulas and a worked example.
Updated November 3, 2026
Start with a goal you can measure
"Save more" is not a goal you can track. "Save $3,000 for a trip by July 31" is. Every savings goal needs three things written down:
- A target amount. Look up real prices; round up a little.
- A target date. The date turns a wish into a monthly number.
- What you have now. Money already set aside counts.
Give each goal a priority too. When money is short, an emergency fund usually comes before a vacation.
Work out how much to save each month
The simple version, with no interest:
monthly amount = (target − saved so far) ÷ months left
In a spreadsheet, with the target in B2, saved so far in C2 and the target date in D2 and your check-in date in F1, months left in E2 is =(YEAR(D2)-YEAR($F$1))*12+MONTH(D2)-MONTH($F$1), and the monthly amount is =(B2-C2)/E2. Recalculate it each month: if you fall behind, the number goes up; if you get ahead, it goes down.
If the account pays interest, the PMT function gives a slightly smaller deposit: =PMT(rate/12, months, -saved, target), shown as a positive number with a minus sign in front.
Check whether you are on track
A balance on its own does not tell you if you are on track. Compare it with where you should be by now if you saved at a steady pace:
should have = start amount + (target − start amount) × days so far ÷ total days
If what you have saved is at or above that line, you are on track. Below it, you are behind, and the monthly amount tells you how much it now takes to catch up.
Keep a log of every deposit and withdrawal
Many people keep several goals in one savings account. That works, as long as you keep a log: date, goal, deposit or withdrawal, amount. Each goal's balance is its start amount plus its deposits minus its withdrawals. Taking money out of a goal is fine; writing it down is what keeps the other goals honest.
Worked example
Five goals started on January 1, 2025, checked on September 30, 2025. These are the sample numbers in the Reamwise Savings Goal Tracker, so you can check them against the file.
| Goal | Target | Saved | Should have | Status | Save per month |
|---|---|---|---|---|---|
| Emergency fund, by Dec 2025 | 10,000 | 6,600 | 7,978.02 | Behind | 1,133.33 |
| Vacation, by Jul 2026 | 3,000 | 1,800 | 1,416.67 | On track | 120.00 |
| Car down payment, by Jun 2027 | 6,000 | 2,350 | 2,494.51 | Behind | 173.81 |
| Holiday gifts, by Nov 2025 | 1,200 | 1,200 | Reached | 0 | |
| Home down payment, by Dec 2028 | 30,000 | 12,500 | 12,098.63 | On track | 448.72 |
The emergency fund got $600 every month but paid for an $800 car repair in June, which is exactly what it is for. It is now behind, with three months left, so it needs $1,133.33 a month to make December. All five goals together need $1,875.86 a month.
The fix is a choice, not a failure: push the emergency fund's date back a few months, or pause the car fund until it catches up.
Common mistakes
- No date on the goal. Without one there is no monthly number and nothing to be behind on.
- Saving whatever is left at the end of the month. Move the money on payday instead.
- Hiding withdrawals. Log them, or one goal quietly borrows from another.
- Too many goals at once. Five goals at $20 each feel slow. Fund one or two properly first.
- Never updating the monthly amount. Recalculate it every month from what you actually have.
Questions
How do I work out how much to save each month?
Subtract what you have from the target and divide by the number of months until the target date.
How do I know if I am on track?
Compare what you have saved with where a steady pace from the start date to the target date says you should be today.
Can I keep several goals in one account?
Yes, if you keep a log of which deposits and withdrawals belong to which goal.
Should I count interest?
For short goals the difference is small. For goals several years away, a high-yield account helps, and the PMT function shows how much less you need to deposit.
What should I save for first?
Many people start with a small emergency fund, then work on other goals. Your own situation decides the order.
What if I keep falling behind?
Move the target date, lower the target, or pause a less urgent goal. A realistic plan you keep beats an ambitious one you drop.
Summary
Give every savings goal an amount, a date and a starting balance, divide what is left by the months left, and each month compare what you have with where a steady pace says you should be. In the example, five goals need $1,875.86 a month, and one emergency withdrawal is all it took to put a goal behind. The Savings Goal Tracker does all of this for up to 10 goals, with a deposit log and a printable page to color in; to see savings next to everything you own and owe, use the Net Worth Spreadsheet.
Disclaimer. For general information only. Not tax, legal or financial advice. Check the rules for your country or ask a qualified adviser. Read the full disclaimer.