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Reach Your Savings Goal

Calculate how much you need to save monthly to reach a financial goal.

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Inputs

$
$
Years

Your values stay on this device.

Results

Monthly Contribution
Total Principal$9,575.47

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Assumptions

  • Calculated locally from the inputs shown in this report.

Sensitivity preview

Goal Amount -10%: Monthly Contribution $359.08

Goal Amount Current: Monthly Contribution $398.98

Goal Amount +10%: Monthly Contribution $438.88

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About this Savings Goal

Reverse engineer your savings plan. Instead of guessing, find out exactly how much you need to set aside each month to hit your target date, utilizing the power of compound interest.

How to use this calculator

  1. Enter your Goal Amount (e.g., $10,000).
  2. Enter your Current Savings (if any).
  3. Set the Interest Rate (APY) and Time to grow.
  4. The result is the monthly contribution required.

Accuracy and testing

Review formula sources, default test cases, assumptions, unit handling, rounding rules, and changelog for this calculator.

View accuracy page

How this calculator works

This calculator uses the 'Sinking Fund' formula derived from the Future Value of an Annuity. It solves for the Payment (PMT) required to bridge the gap between your current savings and your future goal.

Inputs explained

Goal Amount

The total lump sum you need at the end of the time period.

Annual Interest Rate

The expected return on your savings. High-Yield Savings Accounts (HYSA) typically offer 4-5%.

Time to Goal

How many years until you need the money.

Understanding your results

The Monthly Contribution is the amount you must save. The Total Principal shows how much of the goal comes from your pocket, while the rest comes from interest.

Example scenarios

Down Payment

Need $20,000 in 3 years. Start with $0. Rate 4%. Save ~$524/month.

Wedding Fund

Need $15,000 in 18 months. Start with $2,000. Rate 3%. Save ~$706/month.

Key Features

  • Target Date Planning
  • Interest Impact
  • Monthly Savings Target

Things to Keep in Mind

Assumes a constant interest rate and regular monthly contributions without interruption.

Tips & Best Practices

  • Automate the monthly transfer so you don't forget to save.
  • Keep short-term goal money (1-3 years) in safe vehicles like CDs or HYSAs, not the volatile stock market.
  • Increase your monthly savings slightly every year to reach your goal faster.

Glossary of Terms

Sinking Fund
A fund formed by periodically setting aside money for the gradual repayment of a debt or replacement of a wasting asset.
Principal
The money you deposit.
APY
Annual Percentage Yield. The real rate of return taking into account the effect of compounding interest.

Frequently Asked Questions

Where should I keep my savings goal money?
For goals less than 5 years away, a High-Yield Savings Account (HYSA) or Money Market account is best for safety and liquidity. For 5+ years, consider investing.
Does inflation affect my goal?
Yes. $10,000 today won't buy $10,000 worth of goods in 10 years. You may need to increase your goal amount to account for inflation (typically 2-3% per year).