— Budgeting
Savings Goal Calculator
Plan how to reach a savings goal by a target date. Enter goal, current savings, return, and deadline to find the monthly amount needed, or fix the monthly saving and solve for how long it will take.
Save each month
$641
- Over
- 5 yrs
- Total you put in
- $43,452
- Money that grew
- $6,548
- Projected total
- $50,000
- Existing savings alone reach it in
- 46 yrs 2 mos
Try: $50k in 5 years, How long at $700/month?, House deposit, raising savings 5%/yr, With a $10k bonus in year 2
— Growth toward your goal
| Year | Opening | Contributions | Interest | Closing | % of goal |
|---|---|---|---|---|---|
| 1 | $5,000 | $7,690 | $435 | $13,125 | 26.25% |
| 2 | $13,125 | $7,690 | $850 | $21,666 | 43.33% |
| 3 | $21,666 | $7,690 | $1,287 | $30,643 | 61.29% |
| 4 | $30,643 | $7,690 | $1,746 | $40,080 | 80.16% |
| 5 | $40,080 | $7,690 | $2,229 | $50,000 | 100% |
— Reaching your goal
Download— How it works
The monthly contribution is solved so that current savings (grown at the return) plus the future value of all contributions equals the goal. In time mode, the balance is stepped forward each month at the return until it reaches the goal.
Goal divided by months — but smarter
The naïve way to plan a savings goal is to divide the amount by the number of months. That ignores two things in your favour: the money you’ve already saved, and the growth your savings earn while you wait. The calculator does the proper sum — it grows your current balance forward at the expected return, works out how much each future contribution will be worth by the target date, and solves for the monthly amount that lands you exactly on the goal. For longer horizons the difference is large: growth can cover a meaningful slice of the target, so you need to save less than the simple division suggests.
Worked example — a $50,000 goal in 5 years, $5,000 already saved, 5% return: You’d need about $641 a month. Of the $50,000, roughly $43,500 is money you put in and $6,500 is growth. The naïve “$45,000 ÷ 60 months = $750” overshoots, because it ignores the growth.
Both directions, and the realistic extras
The two modes answer the two questions people actually ask. “How much per month?” fixes the date and solves the contribution; “how long will it take?” fixes the contribution and solves the time. Beyond that, the advanced options make the plan realistic. A step-up raises your contribution a little each year as your income grows, which lowers the daunting first-year figure. A lump sum models a bonus or windfall. And if your current savings would actually reach the goal on their own, the calculator says so — sometimes the answer is “you’re already on track, keep them invested”.
Pick a sensible return, mind inflation
The return rate matters enormously, and the right figure depends on the timeframe. For a goal a few years out, your money should sit somewhere safe — a high-yield savings account or short-term bonds earning roughly 4–6% — not the stock market, which can fall 30% just when you need the cash. Only for goals a decade or more away does a higher, equity-like return belong here. The inflation option is a reality check: a $50,000 goal in ten years won’t buy what $50,000 buys today, and the calculator shows that erosion. This is a planning tool, not financial advice — returns aren’t guaranteed, so build in a margin.
— Reader questions
How much do I need to save each month to reach my goal?
Enter your goal, your current savings, the timeframe and an expected return, and the calculator solves it. For a $50,000 goal in 5 years with $5,000 saved and a 5% return, it’s about $641 a month — less than the naïve division, because your savings grow along the way.
Does the calculator account for interest or returns?
Yes — that’s the point. It grows your existing savings and each contribution at the expected return, so the required monthly amount reflects the growth your money earns, not just the goal divided by the months.
What return rate should I use for a savings goal?
For a goal within a few years, be conservative — a high-yield savings account or short-term bonds, roughly 4–6%. Don’t assume stock-market returns for money you’ll need soon, since markets can drop sharply at the wrong moment.
What is a contribution step-up?
Raising your monthly saving by a set percentage each year, usually in line with rising income. It lowers the amount you need to start with, because later contributions are larger — a gentler path to the same goal.
Will my savings goal be worth less because of inflation?
Yes — a fixed goal loses purchasing power over time. Enter an inflation rate and the calculator shows what your target will be worth in today’s money, so you can decide whether to aim higher to preserve its real value.