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Savings Goal Calculator

Calculate how much you need to save monthly to reach your financial goals. Plan your savings with consideration for initial amount, target goal, timeframe, and interest rates.

Required monthly savings
Required Monthly Savings
$739.36
Total Contributions
$9,872.34
Total Interest Earned
$127.66
Final Balance
$10,000.00
Time to Goal
12 months

Assumes 2.5% annual return compounded monthly.

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Results update as you type.

Savings Goal Calculator

Use this savings goal calculator to estimate the monthly contribution needed to reach a target amount. It uses current savings, target amount, timeframe, months or years, and expected annual interest rate compounded monthly.

How to use this calculator

Enter your current savings and target amount, then choose the timeframe and time unit. Add an annual interest rate if the money is expected to earn interest. The calculator returns required monthly savings, total contributions, total interest earned, final balance, and time to goal.

How it works

Current savings are projected forward with monthly compounding. If the projected balance is still below the target, the calculator solves for the monthly contribution needed to close the gap.

future value=current savings×(1+monthly rate)nfuture\ value = current\ savings \times (1 + monthly\ rate)^n

When the monthly rate is zero, the contribution is simply the remaining gap divided by the number of months.

Worked example

If the goal is 10,000 dollars in 12 months and current savings are 1,000 dollars, with no interest, the remaining 9,000 dollars requires 750 dollars per month. With a small interest rate, the required contribution is slightly lower.

Goal planning tips

For short timelines, contribution amount usually matters more than interest. For longer goals, compare with the interest calculator, compound interest calculator, and CD rate calculator. If the goal supports retirement, see the retirement age calculator.

Frequently asked questions

How much should I save each month to reach a goal?
Enter your current savings, target amount, timeframe, time unit, and annual interest rate. The calculator estimates the required monthly savings.
Does the savings goal calculator compound interest?
Yes. It assumes the annual interest rate is compounded monthly.
What if my current savings can already reach the goal?
If projected current savings reach the target by the timeframe, the required monthly contribution is shown as 0 dollars.
Should I use a high return for short-term goals?
For short-term or essential goals, conservative assumptions are usually safer because actual returns can vary.

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