Planning a savings goal helps you turn a target amount into a monthly action plan. This calculator estimates how much you need to save each month to reach your goal.
How to use this calculator
- Enter your target savings goal.
- Enter what you have saved already.
- Enter the expected annual interest rate.
- Enter how many years until you need the money.
- Review the monthly savings amount required.
Formula
The calculator solves for monthly contributions needed to reach a future value, accounting for growth on both existing savings and new monthly deposits.
Example
To reach $50,000 in 10 years with $5,000 already saved at 4% annual return, you would need to save about $295 per month.
Frequently asked questions
- Does this account for investment returns?
- Yes. The interest rate field models expected annual returns on your savings. Actual returns will vary.
- What if I cannot save that much each month?
- Try extending the time horizon, increasing your starting balance, or adjusting the goal amount to find a plan that fits your budget.