Savings Goal Calculator
Find the monthly contribution needed to reach a savings target.
Inputs
Output
Fill in every field to see the required monthly contribution.
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About Savings Goal Calculator
The Savings Goal Calculator works backward from a target. Tell it how much you want to have, what you are starting with, the expected return and how long you have, and it tells you the monthly contribution needed to get there.
How to use it
- Enter your target amount.
- Enter how much you have saved already.
- Enter the expected annual rate of return and the number of years until you need the money.
- Read the required monthly contribution.
Good to know
- Growth is compounded monthly, matching the Compound Interest Calculator, so the two tools can be used together to check a plan.
- If your existing savings will reach the target on their own, the tool says you are already on track and no extra contribution is needed.
- Inflation reduces what a future amount can buy. Consider raising your target for long time frames.
- Results are estimates for planning and comparison. They are not financial advice, and a lender or adviser may calculate figures differently.
Common questions
What if the required amount is more than I can save?
Try extending the number of years or lowering the target. Both have a large effect on the monthly figure.
Should I include a rate of return for a savings account?
Yes. Enter the account's interest rate. For money kept as cash with no interest, enter 0.