Savings Goal Calculator
Find the monthly amount you need to save to hit a target.
Your goal
Save each month
$662.08
To reach $50,000.00 in 5 years
Where the target comes from
- You contribute
- $44,724.61
- Interest earned
- $5,275.39
What does this mean?
This tool answers a simple, practical question: to reach a specific amount of money by a certain date, how much do you need to set aside each month? It accounts for the interest your savings earn along the way, so the required contribution is a little lower than just dividing the target by the number of months.
How it works
We first grow your current savings forward at the chosen rate, then solve the future-value-of-an-annuity formula for the monthly payment that fills the remaining gap. If your current savings already grow past the target on their own, the required contribution is zero.
A quick example
Want $50,000 in 5 years, already have $5,000 saved at 4%? The calculator shows the monthly amount needed and splits the target into what you contribute versus what interest adds.
Tip: if the monthly figure feels too high, try extending the timeframe by a year or two — time does a lot of the work for you.
Frequently asked questions
How much should I save each month to reach my goal?+
Enter your target amount, what you already have, an expected interest rate and your timeframe. The calculator solves for the exact monthly contribution, including the interest your savings earn.
What interest rate should I use?+
For a savings account use the advertised annual rate. For investments, a conservative long-term estimate is safer than an optimistic one, since returns are not guaranteed.
What if I can't save the required amount?+
Extend your timeframe, lower the target, or start with a larger initial amount. Even a longer timeline can dramatically reduce the monthly figure because of compounding.
Does it account for inflation?+
No. The target is a fixed future amount in today's currency units. If you want to preserve purchasing power, set a higher target. This tool is for estimation only and is not financial advice.