Savings Goal Calculator
Calculate how much to save regularly to reach your financial target
The amount you want to save
Amount you've already saved
How many months to reach your goal
Annual interest rate on savings
Savings Plan
Monthly Savings Needed
$0
Total Interest Earned
$0
Final Amount
$0
Projected Completion: --
How to Use This Calculator
This calculator helps you determine how much you need to save each month to reach your financial goal, taking into account your current savings, timeframe, and expected interest earned.
Step-by-Step Guide:
- Enter Savings Goal - The total amount you want to accumulate
- Input Current Savings - Amount you've already saved (enter 0 if starting fresh)
- Set Timeframe - Number of months to reach your goal
- Add Interest Rate - Expected annual return on your savings (use 0 if not earning interest)
- Click Calculate - See your personalized savings plan
Tip: Even small increases to your monthly savings can significantly reduce the time needed to reach your goal!
Savings Goal FAQs
How is the monthly savings amount calculated?
The calculator uses compound interest formulas to determine the fixed monthly payment needed to reach your goal, accounting for interest earned on your growing balance.
What's a realistic interest rate for savings?
As of 2023, high-yield savings accounts offer 3-5%, money market accounts 2-4%, and conservative investments 4-7%. Use 0% for cash savings under your mattress.
What if I can't afford the calculated monthly amount?
Try: 1) Extending your timeframe, 2) Finding ways to increase income, 3) Reducing expenses, or 4) Starting with what you can afford and increasing later.
How often is interest compounded in this calculator?
This assumes monthly compounding, which is standard for most savings accounts. The interest is calculated and added to your balance each month.
Should I include inflation in my calculations?
For long-term goals (5+ years), consider using an interest rate that's 2-3% above inflation. For short-term goals, inflation has minimal impact.
Can I use this for retirement savings?
While you can, retirement planning is more complex. Consider using a dedicated retirement calculator that accounts for taxes, inflation, and investment growth.