Savings Goal Calculator
Pick the target and the deadline — the calculator tells you the monthly number that gets you there.
Find your required monthly savings
The formula, solved backwards
Most savings calculators ask what you can afford and tell you where you'll end up. This one flips it — you name the destination, it names the payment. It's the compound interest formula solved for the contribution:
where FV is your goal, P what you already have, r the monthly rate, and n the months remaining.
A worked example
Goal: $50,000 in 5 years, starting with $5,000, earning 4.5% in a high-yield savings account. The math says about $655/month. Your $5,000 head start grows to about $6,260 on its own, your contributions add $39,300, and interest covers the rest. Start with zero instead and the number jumps to about $745/month — proof that the existing balance is quietly doing work for you every month.
Making the number realistic
If the required amount makes you wince, you have exactly three levers: extend the deadline, shrink the goal, or raise the return (which means more risk — appropriate for 10-year goals, dangerous for 2-year ones). For goals under five years, most people should use high-yield savings or CDs and accept the lower rate; for longer horizons, diversified investing becomes reasonable. Automate the transfer on payday — a goal that requires monthly willpower fails; one that happens automatically succeeds.
Frequently asked questions
What return rate should I use?
For short-term goals (under 5 years), use your actual high-yield savings or CD rate. For long-term goals, 5–7% is a common planning range for diversified investments — never guaranteed.
Should this money be invested or in savings?
Rule of thumb: money needed within 3–5 years stays in savings or CDs where it can't drop 20% the year you need it. Longer horizons can justify market risk.
What if I can't afford the required amount?
Adjust the levers honestly: a longer deadline or smaller goal beats quitting. Even saving half the required amount gets you halfway there — and goals can be revised upward when income grows.
Does this account for taxes or inflation?
No. Interest in regular accounts is taxable annually, and inflation erodes purchasing power. For long-horizon goals, consider setting the goal in 'future dollars' by inflating it ~3% per year.