Savings Goal Calculator
Find out how much to save each month to reach your financial goal on time.
Year-by-Year Growth
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Request a ToolHow to Use the Savings Goal Calculator
This calculator tells you exactly how much to set aside each month. Here is how to use it:
- Enter your savings goal. This is the total amount you want to reach. It could be a down payment, an emergency fund, a vacation budget, or any financial target.
- Enter your current savings. If you already have money saved toward this goal, enter that amount. The calculator will account for it when determining your monthly contribution.
- Set your expected annual return. If your savings are in a high-yield savings account, 4-5% is a reasonable estimate. For investment accounts, 6-8% is a common long-term average. Use 0% for a simple cash calculation with no growth.
- Set your timeline. Enter the number of years until you need the money. A longer timeline means smaller monthly contributions, and more time for compound growth to work in your favor.
Your required monthly savings amount appears instantly as you type. The year-by-year table below shows how your balance grows over time through contributions and earned interest.
Use the Share button to send a pre-filled link to anyone, or Copy to grab the result for your records.
About Setting Savings Goals
Goal-based saving works because it turns a vague intention into a concrete monthly number. Instead of "I should save more," you know exactly what to do each month. The math behind this calculator uses the future value of an annuity formula, which accounts for compound growth on both your existing savings and your ongoing contributions.
Even small differences in your monthly contribution or rate of return compound significantly over time. For example, starting with $5,000 and saving $300/month at 5% for 10 years produces roughly $51,700. The same setup at 7% produces roughly $56,600. That extra 2% earned you nearly $5,000 without any additional effort.
All calculations run entirely in your browser. We never see or store your financial information.
Frequently Asked Questions
How much should I save each month?
It depends on your goal, timeline, and current savings. Enter your numbers into the calculator above to get a precise monthly figure. As a general guideline, financial advisors often recommend saving 15-20% of your gross income across all goals, including retirement.
What rate of return should I assume?
For a high-yield savings account, use 4-5%. For a diversified investment portfolio, 6-8% is a common long-term historical average for U.S. stocks (before inflation). For a conservative estimate, use a lower number. The calculator lets you experiment with different rates to see the impact.
Does this account for taxes on returns?
No. This calculator shows pre-tax returns. If your savings are in a taxable account, your effective return will be lower after taxes on interest or capital gains. Tax-advantaged accounts like IRAs or 401(k)s let your money grow tax-deferred or tax-free, which can make a significant difference over long periods.
What if I can save more than the calculated amount?
Saving more than the minimum means you will reach your goal sooner, or end up with more than your target. You can experiment with the calculator by reducing the timeline or increasing the goal to see what is achievable with larger contributions.