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Savings Goal calculator
Find how much you need to save each month to reach a goal by a target date.
Savings Goal Calc
Plan exactly how much you need to save each month to hit your target
$0
Monthly Contribution Needed
Total Deposits
$0
Interest Earned
$0
Progress Goal
100%
Accumulation Projection
About the Savings Goal calculator
Find how much you need to save each month to reach a goal by a target date.
How to use the Savings Goal calculator
- Enter your Savings Goal, Current Savings and Timeframe (Months).
- Enter the Expected Interest (%).
- Press Calculate Savings Plan.
Formula and method
Monthly saving = (Goal − Current × (1 + i)ⁿ) × i ÷ ((1 + i)ⁿ − 1), where i is the monthly interest rate and n the number of months.
Worked example
To reach $10,000 in 24 months from $1,000 at 4% interest you need about $357.49 a month.
When to use the Savings Goal calculator
- Finding how much to save each month to reach a goal.
- Checking how long a target will take.
- Comparing a short goal with a long one.
Common mistakes to avoid
- Assuming your interest rate never changes.
- Setting a goal without a deadline.
Tips
- Automate a transfer on payday.
- A longer timeframe lowers the monthly amount.
Frequently asked questions
What if I cannot save that much?
Extend the timeframe, lower the goal, or look for ways to increase income or cut costs.
Should I include interest?
Yes, if the money earns interest. It shortens the time or reduces the amount you must save each month.