Savings Goal Calculator
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
$52k
$39k
$26k
$13k
$0
Goal · $50k
now1y2y3y4y5y
How to use this calculator
Plan a savings goal from either direction.
1
Pick a mode
Switch between How much do I need to save? and When will I reach my goal? using the toggle at the top. Your goal amount and current savings carry across both.
2
Set the goal
In card 2, enter the amount you are aiming for and what you have saved toward it already. We prefill your current savings from your cash accounts when you are signed in.
3
Add the details
In card 3, mode one takes a timeframe and an interest rate and solves the contribution; mode two takes a contribution and solves the time. Set an inflation rate to value the goal in today's money.
4
Read the path
The results panel shows the answer, how much is contributions versus interest, a lever to stretch or speed up the plan, and the full period-by-period build-up.
Key concepts
The ideas behind the plan.
Future value
What your savings will be worth on the target date once contributions and interest have been added. This calculator works backward from the future value you want (your goal) to find the contribution or the time that gets you there.
Required contribution
The fixed amount per period that, combined with your current savings and the interest earned along the way, lands exactly on your goal by the target date. Lowering the rate or shortening the timeframe raises it.
The role of time
The longer your timeframe, the more the interest does and the less you have to contribute. Stretching a goal by even a year or two can noticeably reduce the monthly amount required.
Compounding frequency
How often interest is added to the balance. Here, interest compounds at the same frequency you contribute, so a monthly saver compounds monthly. More frequent compounding adds a little to the total over time.
Interest rate assumptions
The annual return you expect on the savings. Cash and high-yield savings sit lower; invested money can be higher but carries risk. A conservative rate keeps the plan from relying on returns that may not arrive.
Goal-based saving
Tying a pot of money to a specific target, a deposit, a wedding, a car, rather than saving in the abstract. A named goal with a date and a number is far easier to stay consistent with.
Inflation and today's money
A fixed future amount buys less than it does now. Switch the goal to today's money and the calculator targets a number that preserves purchasing power, grossing the goal up by your inflation assumption so the pot is worth what you meant when it arrives.
Sinking funds
A sinking fund is a mini savings goal for a known, dated expense: insurance premiums, car repairs, holiday travel. Over short horizons interest barely moves the number, so simple division nearly answers the question. A 1,200 expense twelve months away needs 100 a month at 0% and about 98 at 4%. The value is behavioural: the money is assigned before the bill arrives, so a predictable expense stops feeling like an emergency.
Tips that keep you on track
Small habits that hit the goal.
Automate the transfer
Set a standing transfer for the required amount on payday. Saving on autopilot is the single most reliable way to actually hit a goal.
Give it its own account
Keep goal money separate from everyday spending. A dedicated account removes the temptation to dip in and makes progress visible.
Stretch the timeframe
If the required amount feels steep, try adding a year. A longer runway lets interest carry more of the load and lowers what you need to put in.
Be realistic on the rate
For short goals, use a cash or savings rate rather than an optimistic investment return. You do not want to be caught short because markets dipped the month you needed the money.
Revisit after a raise
When your income rises, raise the contribution before lifestyle creep absorbs it. Even a small bump shortens the time to goal noticeably.
Round the contribution up
If the calculator says 524 a month, set the transfer to 550. The margin absorbs a weaker rate or a skipped month, and if nothing goes wrong you simply arrive early.
FAQ
How does the calculator work out the required savings?+
It uses the future-value formula for a series of regular deposits. Starting from your current savings, it finds the fixed contribution that, with interest compounding each period, grows to exactly your goal by the target date. If your existing savings will already reach the goal on their own, it tells you no further contributions are needed.
Why does a higher interest rate lower the amount I need to save?+
Because the interest is doing part of the work. The more your balance earns along the way, the less you personally have to contribute to reach the same total. Over longer timeframes this effect grows, which is why time and rate both matter.
What rate should I use?+
It depends on where the money sits. For a short goal in a savings account, use the account's rate (often a few percent). For a longer goal you intend to invest, a higher rate may be reasonable, but it carries risk and is not guaranteed. When in doubt, choose a conservative number.
What does goal not reachable mean in mode two?+
It means that, at the contribution and rate you entered, the balance would not reach your goal within a sensible horizon. We show how far short you are and suggest a contribution that would get you there in a reasonable timeframe.
Are the contributions made at the start or end of each period?+
At the end of each period. Interest is credited on the running balance first, then your contribution is added. This is the standard convention and is slightly more conservative than start-of-period contributions.
Does this account for inflation or tax?+
Inflation, optionally. Leave the goal as a fixed amount and the calculator targets the literal number you typed. Switch it to today's money and it grosses the goal up by your inflation rate so the pot keeps its purchasing power on the target date; either way it shows the goal's real value when reached. It does not model tax on interest. For after-tax, after-inflation modelling of a long-term goal, use the Investment Return Calculator.
How much do I need to save monthly to reach 20,000 in three years?+
Starting from zero at a 4% rate with monthly deposits, about 524 a month. With no interest at all it would be 556, so the interest contributes roughly 1,140 of the final 20,000 while you deposit about 18,860. Change any input and the answer moves: at 2% you need around 540, and starting with 5,000 already saved cuts the requirement sharply.
How do I save for several goals at the same time?+
Run each goal through the calculator separately and add up the required contributions. If the total is more than you can save, stretch the most distant goal first, time is the cheapest lever, or stagger them: finish the nearest goal, then redirect its entire contribution to the next. Keep separate accounts or labelled pots per goal so progress stays visible and one goal cannot quietly raid another.
Does saving monthly beat saving once a year?+
Slightly, because the money arrives earlier on average and earns for longer. Saving 100 a month for five years at 4% ends near 6,630; saving 1,200 each year-end ends near 6,500, about 2% less for the same total deposits. The frequency buttons matter less than the habit: pick the cadence that matches your pay cycle so the transfer can run automatically.
Is a lump sum now better than spreading it out?+
For the maths, yes: money deposited early compounds longest. 5,000 added today at 4% grows to about 6,105 in five years, while the same 5,000 spread over 60 monthly deposits ends near 5,525, about 580 less. So bank windfalls, bonuses and tax refunds into the goal immediately rather than smoothing them out, and reserve monthly contributions for income you have not received yet.
Interest compounds at the contribution frequency; contributions are made at the end of each period. Contributions are held flat in nominal terms; the optional inflation rate either grosses the goal up to preserve purchasing power or shows the pot's value in today's money. Tax on interest is not modelled. Results assume a constant rate and are illustrative, not financial advice.
Standard future-value of a savings series · illustrative, not financial advice