Savings Goal Calculator

Set a target and a deadline, and see exactly how much to put aside each month to get there, and how much of the work your interest rate does for you.

Goal Details

Monthly savings needed

$516

To reach $20,000 in 3 years.

Where the money comes from

From your contributions

$18,579

From interest earned

$1,421

Without any return

$556/mo

Earning 5%

$516/mo

Your return covers $1,421 of the goal. That's 7% you don't have to save yourself.

Check if this fits your budget (50/30/20) →See how the same monthly amount grows long-term →

Estimates for education only, assuming a fixed return compounded monthly and equal monthly deposits.

Related guides

How to save moneyThe 50/30/20 budget ruleHow much do I need to retire?

Methodology

How this calculator works

Built by · Updated

Formula

  • Monthly deposit = Goal × i ÷ ((1 + i)^n − 1), with i = annual rate ÷ 12 and n = months until the deadline

Assumptions & limits

  • You start from zero and deposit at the end of each month.
  • The interest rate stays constant; taxes and fees are not deducted.

Sources

Educational estimates, not financial advice. Check important decisions with your lender or a licensed advisor.

All calculator methodologies →