Savings Goal Calculator
Find out exactly how much you need to save each month to hit a target amount by a specific date.
How This Is Calculated
This calculator works backwards from a normal compound interest projection: instead of telling you what a fixed monthly contribution grows to, it tells you what monthly contribution is required to reach a specific target, given your current savings, time horizon, and an assumed rate of return.
If you leave the expected return at 0%, this becomes a simple savings plan — goal minus current savings, divided evenly across the number of months. Adding a realistic expected return (for a savings account, bonds, or a diversified investment) usually lowers the required monthly amount, since your money is doing some of the work for you.
Frequently Asked Questions
What return rate should I use?
For a standard savings account, use your account's actual interest rate (often 0-5%). For a diversified investment portfolio over many years, many planners use a conservative long-term estimate, but returns are never guaranteed — check the Compound Interest guide for more context.
What if the number is more than I can realistically save?
Try extending your timeline or adjusting the goal amount — small changes to either can meaningfully lower the required monthly contribution, since compounding has more time to work in your favor.
Does this account for inflation?
No. This calculator uses nominal (not inflation-adjusted) figures. For a long-term goal, consider that your target amount may need to be higher in future dollars than it seems today.
Can I use this for a house down payment or emergency fund?
Yes — it works for any fixed-dollar savings goal with a target date, whether that's a down payment, emergency fund, wedding, or large purchase.