Savings Goal Calculator
Find out how much you need to save each month to reach your goal.
$785
Monthly Savings Needed
Progress to Goal20.0%
$25,000
Goal Amount
$5,000
Currently Saved
Learn More
Understanding This Calculator
What this calculator does
This calculator tells you how much to save each month to reach a specific dollar target by a target date, and shows whether you're on track given what you currently set aside.
How to use the results
- 1.Enter your savings goal (the total you want to reach) and your current savings.
- 2.Set the time you have to reach it and the rate your savings earn.
- 3.The result shows the monthly contribution needed; compare it to what you save now to see your gap.
Worked example
To reach $30,000 in 3 years starting from $5,000 at 4.5% interest, you need to save about $680/month. Save less and you'll fall short; save more and you'll arrive early.
Important assumptions & limitations
- •The interest rate is assumed steady; real returns on savings accounts change with Fed rate moves.
- •It assumes you contribute the same amount every month — if your income is irregular, average it out.
- •Does not account for taxes on interest earned in a taxable account.
Frequently asked questions
Related Calculators
Related Resources
Mike Starr
Founder, FinanceWizardTools · M.S. Organizational Management