🎯Savings Goal Calculator
Have a target in mind? Enter your goal, what you have saved, your expected return and timeline to see exactly how much you need to set aside each month.
Last updated: · Reviewed by The CalcWise Team
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How to use this calculator
- Enter the total amount you want to save and what you have saved so far.
- Add the annual return you expect and how many years you have to reach the goal.
- Calculate to see the monthly contribution required.
How it works
This calculator works backwards from your goal. It grows your existing savings at the rate you choose, then solves for the monthly amount needed to cover the gap by your target date.
A longer timeline and a higher return both reduce the monthly amount required, because compound growth does more of the work. If your current savings already reach the goal on their own, the required contribution will be zero.
Example: To reach $50,000 in 5 years, starting with $5,000 at a 5% return, you would need to save about $650 per month.
Frequently asked questions
What return rate should I assume?
Use a realistic figure for your accounts — a high-yield savings account might be 4–5%, while a diversified long-term investment portfolio is often estimated at 6–8%.
What if I can't afford the monthly amount?
Extend your timeline, increase your starting savings, or aim for a smaller goal — each lowers the monthly contribution needed.