Work it from either end: find the regular saving needed to hit a goal by a date, or find when a given contribution gets you there.
1
2Your goal
$
Treat the goal as
The literal number you want to see in the account on the date.
$
3Timeframe, rate & inflation
years
% / yr
% / yr
Contribution frequency
4You need to save
$607 / month
to reach $50,000 in 5 years at 4% a year.
Current savings$8,000
You contribute$36,410
Interest earned$5,590
Of the $42,000 still to go, interest covers 13.3% and your contributions cover the rest.
In today's money, $50,000 arriving in 5 years is worth about $44,193 at 2.5% inflation. Switch the goal to today's money to target full purchasing power.
Stretch the timeframeLonger runway, smaller contribution