Savings goal calculator
Find out how much to save each month to reach a target amount by a set time.
Results
Monthly saving needed
$640.87
This is what to save each month on top of what you have now to reach your goal in 5 years, if your money grows 5% a year.
- Total you put in
- $43,452.33Current savings plus monthly deposits
- Growth earned
- $6,547.67
- Current savings at the goal date
- $6,416.79
Your savings over time
Saving and PDF download use a free account. Everything else works without one.
How it works
We first grow what you have already saved until the goal date. The rest of the goal must come from monthly deposits made at the end of each month, which also earn returns. We solve for the deposit that lands exactly on your goal. If your current savings get there on their own, you don't need to add anything.
Formula
- i = expected yearly return ÷ 12 ÷ 100, n = years × 12
- Current savings at the goal date = current × (1 + i)^n
- Monthly saving = (goal − current × (1 + i)^n) ÷ (((1 + i)^n − 1) ÷ i)
- At 0%: monthly saving = (goal − current) ÷ n
Frequently asked questions
What return should I use?
Match it to where the money will sit. A savings account might earn a low but steady rate, while investments may average more but can fall in value. For short-term goals a cautious rate is safer, because there is little time to recover from a bad year.
What if I can't afford the monthly amount?
Try a longer timeframe or a smaller goal and watch how the monthly figure changes. Starting with what you can manage and raising it as your income grows also works well.
Does this allow for inflation?
No. If your goal is years away, prices may have risen by then. You can raise the goal amount to allow for that, or use the inflation calculator to see what today's price may become.
Related calculators
- Compound interest calculatorSee how savings grow when interest earns interest, with an optional amount added each month.
- Investment calculatorSee what investing every month could grow to, with a yearly increase and an optional lump sum.
- Retirement calculatorSee how much you need saved by retirement and the extra monthly saving to get there.
- Budget calculatorSee where your monthly income goes, your savings rate and how your budget compares with the 50/30/20 guideline.
Results are estimates only, not financial advice. Read the disclaimer.