Savings Goal Calculator
Pick a target and a deadline. The calculator works backward and tells you how much to put away each month to get there.
It also counts the interest your savings earn along the way. So the required contribution is realistic, not just the target divided by the months.
Goal details
Annual interest or investment return.
Your plan
- To reach your goal, save
- $662.08 /mo
- Current savings grows to
- $6,104.98
- You contribute
- $39,724.61
- Interest earned
- $5,275.39
Your current savings grow to cover 12% of the goal on their own; $662.08/mo covers the rest
Your savings path, month by month
Saving $662.08 a month grows $5,000.00 to $50,000.00 in 5 yr, meeting the $50,000.00 goal.
Totals every 12 months
| Month | Projected savings |
|---|---|
| 12 | $13,295.92 |
| 24 | $21,929.82 |
| 36 | $30,915.49 |
| 48 | $40,267.24 |
| 60 | $50,000.00 |
Before you rely on this
Results are generic estimates using standard time-value-of-money formulas, the same math everywhere. Real-world figures depend on your country's tax rules, rounding, fees, and lender or product terms, which vary by jurisdiction. Treat this as a guide and confirm important numbers with a local professional.
How the savings goal calculation works
The tool first grows your current savings to the deadline, then solves the annuity formula for the monthly payment that covers the remaining gap: PMT = gap · i / ((1 + i)ⁿ − 1), where i is the monthly rate and n the number of months.
A higher assumed return lowers the contribution you need. Be conservative: guaranteed savings accounts return less than the stock market's long-term average.
Tips
- Set up an automatic transfer on payday. Saving that happens by itself doesn't depend on willpower.
- Goal within three years? Keep the money somewhere safe and stable.
- Revisit the plan once a year and adjust for raises and new timelines.
Frequently asked questions
How much should I save each month?
Enough that your current savings plus contributions, grown at your expected return, meet the target on time. This calculator computes that exact monthly figure.
Should I count investment returns in my plan?
For multi-year goals, yes. Compounding meaningfully cuts what you need to contribute. For goals a year or two out, assume a low rate, because the money belongs in safe accounts.
What return rate should I assume?
The realistic rate of wherever the money will actually sit. A high-yield savings account today, or a conservative long-run average for diversified investments. Unsure? Estimate low.