Savings Goal Calculator
Enter a target and a deadline. See the monthly deposit, or the lump sum today, that gets you there.
Reviewed by Associate Professor Charles Lo, CPA, PhD · Updated October 13, 2026Free, no signup
Your Goal Details
Enter your target amount, timeframe, and return assumption to estimate the monthly saving path.
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Illustration from your inputs, not live market data or a forecast. Starts from $0; deposits at each month-end; fixed nominal annual rate divided by 12. Tax, fees and inflation are excluded. Full method.
Year-by-Year Projection
Important calculator disclosure
General education only — check the assumptions before using the result.
Purpose: This calculator is a general educational tool that performs a numerical calculation from the values you enter. It does not recommend, advertise or promote a specific financial product.
Assumptions: The calculation uses the input values and assumptions displayed in the calculator. Default values are illustrative starting points, not forecasts. Change each non-statutory assumption so it matches the scenario you want to test.
Limitations: Actual market returns, prices, dividends, interest rates, fees, tax, inflation and timing may differ from the assumptions. The calculator may omit factors relevant to you. Small input changes can materially change the result, so the output is an illustration rather than a prediction.
This financial calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a financial services licensee before making any financial decisions.
You can print this page or save it electronically using your browser controls.
Can I plan my retirement with this?
Treat it as an illustration, not a plan.
This shows what happens if one set of assumptions holds for the next few decades. It will not.
It does not account for market falls, inflation, changes to your income or job, tax law changes, healthcare costs, or how long you live. It assumes steady returns, and markets do not deliver those.
Decisions this size need a licensed professional who knows your full situation.
Educational content only. Projections assume a fixed annual return compounded monthly with contributions made at the end of each month. They do not account for taxes, inflation, fees, or variable returns. Use as a planning guide only.
Try it with a real goal
- Required Monthly Contribution is the deposit to make at the end of every month. Set it up as an automatic transfer on payday.
- Lump Sum Needed Today is the single amount that would grow to your target by itself at the same rate. It is always smaller than the target when the rate is above zero.
- Deadline beats rate. Adding time lowers the monthly amount more than a slightly better interest rate does.
Saving requires Preferences consent and stays in this browser. The link contains only your target amount, timeframe, unit and rate; it contains no email, form details, holdings or documents. CSV includes your plan and result; keep it private.
What is a savings goal calculator?
A savings goal calculator works backward from a target to tell you how much to put away each month.
This calculator asks the reverse of the usual question. You give it the amount you want and the date you want it by, and it finds the monthly deposit that gets you there, counting the interest your savings earn along the way.
It also shows the lump sum you would need today to reach the same goal, splits your target into deposits and interest, and draws a bar for each year against a target line.
Owen is getting married in 18 months and wants $6,000 set aside for the honeymoon. He switches the timeframe to Months, enters 18 and uses 4% for his savings account. The calculator says $323.99 a month. He will deposit $5,831.79 and interest adds $168.21. He sets up a transfer for $325 on the first of every month and stops worrying about it.
- Turns a target and deadline into one monthly amount
- Shows the lump sum that would reach the same goal on its own
- Splits the goal into your deposits and the interest earned
- Tracks the balance year by year so you can check you are on pace
For anyone saving toward a clear number by a clear date: an emergency fund, a down payment, a car, a wedding or a first year of college. New to a term on this page? The investment glossary defines it in a sentence.
How much do I need to save each month to reach my goal?
To reach $10,000 in 2 years at 5%, you need to save $397.05 a month, and the calculator finds the figure for any target, deadline and rate. You deposit $9,529.13 and interest adds $470.87. If your account pays nothing, the amount rises to $416.67, which is simply $10,000 divided by 24 months. Enter your own numbers above and press Calculate.
- Enter
- Target amount, months or years, yearly rate
- Method
- Monthly compounding, deposit at the end of each month
- Cost
- Free, no signup, no account
- Best for
- Finding the monthly amount for a dated goal
What do the numbers mean?
The amount to save every month, deposited at the end of the month. If you pay in less, you will fall short unless the rate turns out higher.
Total Contributions is the monthly amount times the number of months. Estimated Growth is the interest that fills the gap to your target. On short goals it is small.
The balance, deposits and growth at the end of each year. Compare it with your real account once a year to see if you are ahead or behind.
Typing 10% because that is what stocks have averaged makes the monthly amount look smaller than is safe. For the default $10,000 in 2 years, 10% shows $378.12 a month against $397.05 at 5%, but stocks can drop 20% the month before you need the cash. Use the rate your savings account or CD pays.
How does the savings goal calculator work?
It divides your yearly rate by 12 to get a monthly rate and counts the months to your deadline. Then it solves the future value of a series of deposits for the deposit: target × monthly rate ÷ ((1 + monthly rate) raised to the months, minus 1). At 0% it simply divides the target by the months.
The lump sum is the target divided by (1 + monthly rate) raised to the months. Deposits are assumed at the end of each month, and interest compounds monthly.
The default: $10,000 in 2 years at 5%
| Monthly rate | 5% ÷ 12 | 0.4167% |
| Growth factor | 1.004167 to the power of 24 | 1.1049 |
| Monthly deposit | $10,000 × 0.004167 ÷ 0.1049 | $397.05 |
| Total deposits | 24 × $397.05 | $9,529.13 |
| Lump sum today | $10,000 ÷ 1.1049 | $9,050.25 |
Interest covers $470.87 of the goal. On a short, two year goal, most of the target is still your own money.
How much does more time lower the monthly amount?
A $10,000 goal at 5% a year, with only the timeframe changed.
| Timeframe | Per month | You deposit | Interest adds |
|---|---|---|---|
| 1 year | $814.41 | $9,772.90 | $227.10 |
| 2 years (default) | $397.05 | $9,529.13 | $470.87 |
| 3 years | $258.04 | $9,289.52 | $710.48 |
| 5 years | $147.05 | $8,822.74 | $1,177.26 |
| 10 years | $64.40 | $7,727.86 | $2,272.14 |
Doubling the time from 1 year to 2 cuts the monthly amount by more than half, because interest has longer to work.
What could throw my savings plan off?
Savings account and money market rates move with Federal Reserve rate decisions. Stocks can fall just before your deadline. For money you need within a few years, many people stick to insured savings, CDs or Treasury bills.
A $60,000 down payment today may need to be bigger in five years. Run your target through the inflation calculator first, then enter the higher number here.
Every plan starts from $0, and interest is treated as untaxed. Interest in a regular savings account is taxable income. If you already have savings, see how they grow with the compound interest calculator and lower your target.
Savings Goal Calculator FAQ
What is the 50/30/20 rule?
It is a budgeting guide: about 50% of take home pay for needs, 30% for wants and 20% for savings and extra debt payments. On $4,000 a month of take home pay, 20% is $800. This calculator tells you what one goal needs each month, so you can see whether it fits inside that share.
How much should I save each month to reach $10,000?
It depends on your deadline. At 5% a year, you need about $814 a month to get there in 1 year, $397 in 2 years, $258 in 3 years and $147 in 5 years. With no interest at all, just divide $10,000 by the number of months.
What happens to my plan if savings rates fall?
Savings account rates move with Federal Reserve decisions, so the rate you enter today may not last. If your account drops from 5% to 3%, the default $10,000 goal needs $404.81 a month instead of $397.05, about $8 more. Short goals barely notice a rate change. Check your rate once a year and adjust the deposit.
What rate should I enter?
Use a nominal annual rate compounded monthly. If your bank quotes APY, convert it first: nominal annual rate = 12 × ((1 + APY / 100)^(1/12) − 1) × 100. Entering APY directly as a nominal rate slightly overstates growth. A stock-market return assumption is risky for a short goal because stocks can fall before you need the money.
Is it better to save monthly or put in a lump sum?
A lump sum today needs less money in total because it earns interest for the whole time. For the default goal, $9,050.25 today does the same job as $397.05 a month, which adds up to $9,529.13. Most people do not have the lump sum, so monthly saving is the practical route.
Does the calculator include taxes and inflation?
No. Interest from a regular savings account or CD is taxed as ordinary income, so your real growth is a little lower. The target is in future dollars, so if prices rise, raise the target. The inflation calculator helps you pick the number.
What if I already have some money saved?
The calculator starts every goal from $0. Work out what your current savings will grow to by the deadline, subtract that from your goal, and enter the smaller target here. The monthly amount you get covers the rest.
Can I share my savings plan?
Copy link to this plan includes only your target amount, timeframe, unit and rate. No email, form details, holdings or documents are included. Save and Restore keep four inputs only in this browser with Preferences consent. CSV exports your inputs, assumptions and projected result.
Where the numbers come from.
- Method: monthly deposit = target × i ÷ ((1 + i) raised to n, minus 1), where i is the yearly rate ÷ 12 and n is months. Lump sum = target ÷ (1 + i) raised to n. Deposits at the end of each month.
- Savings account and money market rates follow Federal Reserve policy decisions; no specific current rate is assumed on this page.
- Checked: every figure on this page was produced by this calculator on September 29, 2026, then the page was tested on a phone and a desktop.
- Written by Felix La Spina, reviewed by Associate Professor Charles Lo, CPA, PhD. Last updated October 13, 2026. Editorial standards.
- Spotted an error? Tell us.
Understand the growth behind your savings plan.
See how time, contributions and interest work together, and what can interrupt compounding.
