🎯 Savings Goal Calculator
Find out how much to save each month to hit your target.
How This Is Calculated
If you earn no interest, this is simply (Goal − Current Savings) ÷ Months. With interest, this calculator solves for the monthly contribution needed so that your current savings plus monthly deposits, compounded monthly at your expected rate, reach your goal by the target date.
Frequently Asked Questions
Does this account for interest earned on my savings?
Yes, if you enter an expected annual interest rate, the calculator solves for the required monthly
contribution accounting for compounding. Leave the rate at 0% for a simple straight-line calculation.
Guide: understanding your result
- Monthly amount needed = goal × r ÷ ((1 + r)^n − 1), where r is the monthly rate and n the number of months.
- Starting earlier lowers the monthly amount more than a slightly higher rate does.
- Automating a transfer on payday makes a goal far easier to hit.
Worked example
To reach $10,000 in 2 years in an account earning an illustrative 4%, you need about $401 a month; with no interest it would be $416.67.
Monthly savings needed at 4% (illustrative)
| Goal | 1 year | 2 years | 3 years | 5 years |
|---|---|---|---|---|
| $5,000 | $409 | $200 | $131 | $75 |
| $10,000 | $818 | $401 | $262 | $151 |
| $25,000 | $2,045 | $1,002 | $655 | $377 |
| $50,000 | $4,091 | $2,005 | $1,310 | $754 |
Common mistakes to avoid
- Setting a goal without a date — the date is what turns it into a monthly number.
- Keeping short-term savings somewhere its value can drop right before you need it.
Official sources
Examples are calculated live from the same data the calculator uses and are for education only — they are not financial, tax or investment advice.
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