Savings Goal Calculator: How Much Must You Save to Reach Your Goal?

Want to save up for something important?

It could be a dream that makes you happy or simply a financial goal, such as a down payment or an emergency fund.

So how much money must you save each month to reach your goal in time?

Start with the amount you want to save, then list how much you already have (if any).

You’re asked how much interest you expect to earn while you’re saving, perhaps in a ‘high-interest’ savings account. With today’s low interest rates, you might be earning almost nothing. Consider factoring it in anyway, even if it’s 1% or less. This field in the calculator will matter more when interest rates go back up.

What about inflation? Yes, if you’ll be saving for years, you’ll want to weigh your interest earnings up against the inflation rate.

At writing, inflation is over 2% a year. It seems much more, for sure. That's because many things get included in the count, so high-inflation items like food balance out lower in the overall average.

However, while inflation lowers the buying value of your money, right now, it’s only important if you’ll need years of savings to reach your goal.

In that case, save a little extra each month to make up for the shortfall in your interest earnings.

For a relatively short savings goal, this simple calculator is perfect for setting a plan that works. Now you’ll know what to save each month (on average) to successfully reach your goal!

Savings Goal Calculator
Use this calculator to figure how much your current savings will grow and how much more you'll need to save each month in order to achieve a given savings goal within a given number of years. Start with Line 1 and enter your future savings goal.

1. Savings Goal. Instructions
2. Current savings balance.
3. Annual percentage rate (APR).
4. Number of years.
5. Current savings future value (FV).
6. Total savings gap.
7. Monthly deposit required.
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