About the Savings Goal Calculator
Working backward from a goal makes saving feel achievable. Enter the amount you want, when you want it, and what you've saved so far, and this shows the monthly contribution that gets you there — with compounding doing part of the work.
How it’s calculated
The required monthly contribution solves the future-value equation for C: C = (goal − current·(1+i)^N)·i ÷ ((1+i)^N − 1), where i is the monthly return and N the number of months.
Example calculation
To reach $50,000 in 5 years starting from $5,000 at a 5% return, you'd need to save about $641 a month.
Frequently asked questions
How does the return affect it?
A higher assumed return lowers the monthly amount you need, since more of the goal comes from growth. For short timelines, keep the assumed return modest and safe.
What if I can't save that much?
Extend the timeline or trim the goal — both reduce the monthly figure. Even a smaller consistent amount, started now, benefits from compounding.
This calculator provides estimates for educational purposes and should not be considered financial, tax, or legal advice. Your actual figures may vary with lender terms, fees, and market conditions.