How to Use This Savings Goal Calculator
This calculator answers the key question: "How much do I need to save each month to reach my goal?" Enter your target amount, current savings, timeline, and expected interest rate — and you'll instantly see your required monthly contribution.
The math behind it uses the future value of an annuity formula, accounting for both your existing savings growing with compound interest and the new monthly contributions you'll add. This gives you a precise figure, not just a rough estimate.
Use the timeline slider to explore the trade-off between time and monthly effort — a longer timeline dramatically reduces what you need to save each month.
Frequently Asked Questions
What interest rate should I use?
Use 4–5% for high-yield savings accounts or CDs. Use 6–7% for a conservative stock market estimate. For a balanced portfolio (stocks + bonds), 5–6% is reasonable. The higher the rate, the less you need to save each month — but higher returns come with more risk.
What if I already have some savings?
Enter your current savings in the "Current Savings" field. The calculator factors in the compound growth of your existing savings, which reduces how much you need to contribute each month going forward.
What are realistic savings goals?
Common goals include: emergency fund (3–6 months of expenses), down payment (20% of home price), car purchase, education fund, or early retirement. The key is to define the specific dollar amount and timeline, then work backward to a monthly number you can commit to.
How much should I save per month to retire at 60?
It depends on your current age, savings, and target retirement income. A common rule: multiply your desired annual retirement income by 25 (the 4% rule) to find your target nest egg. For example, $50,000/year in retirement = $1.25M needed. Use our calculator with that target, your current savings, years until 60, and a 7% rate to find your exact monthly contribution.
How long to save $100,000?
At $500/month with 5% annual return: about 13 years. At $1,000/month: about 7.5 years. At $2,000/month: about 4 years. The interest rate matters less than contribution size for shorter horizons — but over 10+ years, even a 1–2% rate difference adds tens of thousands to the final balance. Use the sliders above to model your exact scenario.