Savings Goal Calculator
Determine how much to save each month to reach a financial goal by a target date.
Monthly Deposit Needed
$314.07
Monthly Deposit Needed vs Months to Goal
Formula
## How to Plan Monthly Savings This calculator accounts for compound interest on your existing balance and future deposits to determine how much to save each month. ### Formula **Monthly Deposit = (Goal - Current x (1+r)^n) / [((1+r)^n - 1) / r]** Where r is the monthly interest rate and n is the number of months.
Esempio Risolto
Save $10,000 in 24 months, starting with $2,000 at 4% annual return.
- 01Monthly rate = 4% / 12 = 0.3333% (0.003333)
- 02Current savings will grow to: $2,000 x (1.003333)^24 = $2,165.57
- 03Remaining needed: $10,000 - $2,165.57 = $7,834.43
- 04Monthly deposit = $7,834.43 / [((1.003333)^24 - 1) / 0.003333] = $314.40
- 05Total deposited = $314.40 x 24 = $7,545.66
- 06Interest earned = $10,000 - $2,000 - $7,545.66 = $454.34
Domande Frequenti
Where should I keep my savings?
For short-term goals (under 2 years), a high-yield savings account or money market account is safest. For longer goals, consider CDs or conservative investments.
What if I cannot save the required amount?
Extend the timeline, increase your income, reduce expenses, or lower the goal. Even saving a little less each month gets you closer.
Should I include emergency fund savings?
Keep your emergency fund (3-6 months of expenses) separate from specific savings goals. Do not count it toward your target.
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