Savings Goal Calculator
Plan how to reach your savings target
Last updated: January 2025
About This Tool
A savings goal calculator helps you determine how much you need to save regularly to reach a specific financial target. Whether saving for a vacation, emergency fund, or down payment, this tool creates a clear roadmap to achieve your goals.
What is Savings Goal Calculator?
A savings goal calculator is a financial planning tool that calculates the monthly or periodic savings amount needed to reach a target sum within a specified timeframe. It factors in your current savings, interest earned on deposits, and time horizon to create an achievable savings plan.
How It Works
The calculator takes your goal amount, current savings, timeframe, and expected interest rate. It then calculates how much you need to save each month to reach your target, accounting for compound interest earned along the way. The interest reduces the total amount you need to contribute from your pocket.
Formula
Monthly Savings = (Goal - FV of Current Savings) / [(1+r)^n - 1] / r × (1+r)
Monthly Savings Needed
$1,781.52
to reach $50,000 in 24 months
Progress to Goal
25%
$12,500
50%
$25,000
75%
$37,500
Goal!
$50,000
Summary
Quick Goals
💡 Savings Tips
- • Automate your savings
- • Use high-yield savings accounts
- • Start small, increase over time
Related Tools
When to Use This Calculator
- 1Planning for a major purchase like a car or vacation
- 2Building an emergency fund
- 3Saving for a home down payment
- 4Setting aside money for education expenses
- 5Creating a wedding or special event fund
Pro Tips
- •Automate your savings by setting up automatic transfers
- •Use a high-yield savings account to earn more interest
- •Break large goals into smaller milestones for motivation
- •Review and adjust your savings rate as income changes
- •Keep goal-specific savings in separate accounts to avoid spending