Savings Goal Calculator
Find the monthly savings needed to hit a target amount by a target date.
Open the Interactive CalculatorHow It's Calculated
Required Monthly Savings = (Goal − Current Savings Grown to Goal Date) ÷ [((1+r)n − 1) ÷ r], where r is the monthly return and n is the number of months.
Example
Example: reaching a $20,000 goal in 24 months starting from $2,000, at 4% annual return, takes about $723/month.
Frequently Asked Questions
What return rate should I use?
For goals under 2-3 years, a high-yield savings account rate (roughly 4-5%) is safer than investing in stocks, since you don't want a market downturn right before you need the money.
What if I already have enough saved?
If your current savings will grow to meet the goal on its own by the target date, the required monthly amount shows as $0.