Savings Goal Calculator
Find out how much to save each month to reach your financial goal.
Use 0 for a basic savings account or no interest.
Monthly Savings
Total Contributed
Interest Earned
Final Balance
| Year | Contributions | Interest | Balance | Progress |
|---|
Common Savings Goals
Frequently Asked Questions
How is the monthly savings amount calculated?▼
The calculator uses the future value of an annuity formula to find the monthly contribution needed to reach your goal, accounting for compound interest on both your initial savings and new contributions.
What interest rate should I use?▼
For a high-yield savings account, use 4–5%. For a conservative investment portfolio, 6–7%. For a stock market index fund over the long term, historical average is around 7–10% (before inflation). Use 0% for cash under the mattress.
What if I already have some savings?▼
Enter your current savings amount in the 'Current Savings' field. The calculator factors in the growth of your existing savings when determining how much you still need to contribute monthly.
How can I reach my goal faster?▼
Increase your monthly contribution, extend your timeline, find a higher-yield account, or increase your starting amount. Even a small interest rate improvement makes a big difference over many years.