Savings Goal Calculator
Reaching a savings goal is easier when you know the monthly number. This savings goal calculator works backwards from a target: given what you already have, an expected rate of return, and a timeframe, it finds the monthly contribution that gets you there. It accounts for growth along the way, so the required amount is lower than simply dividing the goal by the number of months. Use it to plan for a down payment, an emergency fund, a wedding, or any target with a deadline — then adjust the timeframe or return to see how the monthly amount changes.
Calculate
Default result: $268.96
Savings Goal Calculator · Materials
calculators.dev
Required monthly saving
50000 × 5000 × 5 × 10
Shopping list
- Total you contribute
- $32,275.38
- Growth from returns
- $12,724.62
Est. total
$268.96
Estimate — confirm w/ supplier · calculators.dev
This calculator provides estimates for general informational purposes only and is not financial, investment, tax, or legal advice. Results are projections based on the figures you enter and the stated assumptions, and actual outcomes will differ. Consult a qualified financial professional before making borrowing, saving, or investment decisions.
Reviewed by the calculators.dev team · Last updated 2026-06-24
Formula reviewed against CalculatorSoup Future Value of Annuity — annuity formula inverted to solve the payment
How to calculate
Enter your savings goal, your current balance, the annual return you expect, and how many years you have. The calculator grows your starting balance over the period, subtracts that from the goal, and solves the annuity formula for the monthly contribution needed to cover the rest. For a $50,000 goal in 10 years with $5,000 saved at a 5% return, that is about $268.96 a month. A longer timeframe or higher return reduces the monthly figure.
Required monthly saving PMT = (FV − P(1 + i)^n) · i / ((1 + i)^n − 1), the inverse of the future-value-with-contributions formula. FV is the goal, P is the starting balance, i is the monthly return (annual ÷ 12), and n is the number of months (years × 12). Contributions are assumed at the end of each month. If the rate is 0, PMT is simply (FV − P) ÷ n.
Example calculation
To reach $50,000 in 10 years, starting with $5,000 and earning 5% a year compounded monthly, you would need to save about $268.96 a month. Over the decade you contribute roughly $32,275 of your own money, and the remaining growth comes from returns on the balance — which is why a higher return or a longer timeframe lowers the monthly amount.
- monthlyContribution
- $268.96
- totalContributed
- $32,275.38
- interestEarned
- $12,724.62
Assumptions
- The expected return is constant and earned monthly — real investment returns fluctuate and are not guaranteed.
- Contributions are made at the end of each month and never missed.
- Taxes and fees are not deducted; in a taxable account they would raise the amount you actually need to save.
Common mistakes
- Assuming a high, steady return — markets vary, so a conservative return gives a safer monthly target.
- Ignoring an existing balance, which can substantially lower the monthly amount needed.
- Setting an unrealistic timeframe; a longer horizon makes the monthly figure far more achievable.
Frequently asked questions
How much should I save each month to reach my goal?
It depends on your target, timeframe, starting balance, and expected return. For $50,000 in 10 years with $5,000 saved at 5%, about $269 a month. Enter your own numbers to see your figure.
What return should I assume?
Be conservative. A cash savings account may return little, while a diversified long-term portfolio has historically returned more but with risk. A lower assumed return gives a safer monthly target.
Does my current balance change the monthly amount?
Yes, a lot. Money you already have keeps growing, so it covers part of the goal on its own and reduces what you need to add each month.
What if I cannot save the suggested amount?
Extend the timeframe, lower the target, or accept a longer path. A longer horizon spreads the goal over more months and lets compounding do more of the work.