Savings Goal Calculator

What this calculator does

A savings goal calculator turns a target into a monthly habit. Enter your goal, what you already have and the time available to estimate the monthly saving required.

Formula used

The calculator compounds the current balance monthly, then solves for the regular monthly contribution needed to reach the target by the end of the chosen term.

How to read the result

If the required monthly saving feels too high, extend the time frame, reduce the target or increase the starting balance. Interest helps, but regular deposits usually do most of the work.

Assumptions

• Assumes monthly compounding.
• Assumes contributions are made at the end of each month.
• Does not include tax, fees, inflation or variable interest rates.

Sources and checks

This calculator uses a standard public formula. Where rules or thresholds can change, source links are listed on the relevant page.

Frequently asked questions