Savings Goal Calculator

See how much you need to save per month to hit a target amount by a target date.

To reach $50,000.00 in 5 years, starting from $5,000.00, you need to save $640.87/month.

Monthly Savings Needed

$640.87

Total You'll Contribute

$43,452.33

Growth from Interest

$6,547.67

Savings Balance

Estimates only, not financial, tax, or legal advice. See our Terms and Privacy Policy.

Whether you're saving for a down payment, a wedding, or an emergency fund, the question is usually the same: how much do I need to save each month to hit my target by a certain date? This calculator answers that directly, accounting for investment growth along the way so you're not overestimating how much you need to personally contribute.

It uses the same underlying payment-solving math as this site's Payment Calculator, framed around a savings goal and date rather than raw financial-calculator terminology, plus a year-by-year growth chart.

How does this calculator work?

Enter your savings goal, what you've already saved toward it, how many years you have, and your expected annual rate of return.

The calculator solves for the exact monthly contribution needed to reach the goal on time, accounting for compound growth on both your existing savings and each new contribution, then projects the balance year by year.

Because it accounts for compound growth on both your balance and each new deposit, the required contribution is lower than a simple target-divided-by-months guess. Working the same relationship differently, the future value of an annuity shows what a set monthly amount becomes, and the number of periods tool solves for how long a goal takes at a given savings rate.

Worked example

A $50,000 goal in 5 years, starting from $5,000 already saved, growing at an expected 5% annual return.

Savings goal: $50,000
Current savings: $5,000
Years to goal: 5
Monthly savings needed: $640.87

How the numbers work

Saving $640.87 every month for 5 years, on top of the $5,000 already set aside and growing at 5%, reaches exactly $50,000 at the end.

Total contributed over the 5 years is $5,000 + ($640.87 × 60) ≈ $43,452, meaning about $6,548 of the $50,000 goal comes from investment growth rather than your own contributions: a meaningful head start that a simple "target ÷ months" calculation would miss entirely.

Ignoring growth and just dividing your goal by the number of months overstates how much you actually need to save. Always account for a realistic rate of return, even a conservative one, since it directly lowers the monthly amount required.

Savings Goal Calculator glossary

Savings Goal: The target amount you're aiming to reach by a specific date.
Current Savings: What you've already saved toward the goal, which also grows at the assumed rate of return over the remaining time.
Rate of Return: The expected annual growth rate on your savings. Even a modest, safe rate meaningfully reduces the monthly contribution needed versus assuming 0% growth.

Savings Goal Calculator FAQs

What if I assume 0% growth, does the monthly amount just become the goal divided by months?+

Yes. With 0% return, this calculator reduces to exactly that simple division, since there's no compounding to help. Any positive rate of return lowers the required monthly contribution below that baseline.

Should I use a conservative or aggressive rate of return assumption?+

For shorter time horizons or goals you can't afford to fall short on (like a house down payment in 1-2 years), use a conservative rate reflecting safer, more liquid savings vehicles. For longer horizons where you can tolerate more risk, a higher rate reflecting a diversified investment portfolio may be reasonable.

What if I want to solve for how long it'll take instead of the monthly amount?+

Use the Number of Periods Calculator instead. It takes a fixed contribution amount and rate, and solves for how long it takes to reach your target.