Savings Goal Calculator
Find out how much to save each month to reach your financial goal.
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Working backwards from a savings goal is the most practical way to build a savings plan. Enter your target amount, what you have saved already, an expected return rate and your timeline. The calculator solves for the monthly deposit required to hit your goal, accounting for compound growth on both your existing savings and future contributions.
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Frequently asked questions
Common goals include emergency fund (3-6 months of expenses), down payment (10-20% of home price), car purchase, vacation or education fund. Break big goals into a monthly number to make them feel achievable.
For a high-yield savings account, use 4-5%. For a balanced investment portfolio, use 5-7%. For stock-heavy investments, use 7-10%. Use lower rates for shorter timelines (under 5 years) since you cannot afford volatility.
Try extending your timeline, reducing the goal, or finding ways to increase the starting amount. Even small increases in monthly savings compound significantly over years.
For goals under 3 years, use a high-yield savings account (no market risk). For 3-5 years, consider a mix. For 5+ years, investing in a diversified portfolio typically outperforms savings accounts significantly.
Someone who saves $300/month starting at age 25 will have about $735,000 at 65 (at 7% return). Starting at 35 yields only $340,000 - starting 10 years earlier nearly doubles the result with the same monthly amount.