Savings goal calculator
This finds the monthly amount that takes a current balance to the goal over the years you enter. The goal is a nominal future balance unless today's-dollar mode is on. In that mode the goal stays in today's dollars and the return is real, so do not inflate the goal again. Growth on money already saved lowers the payment. The savings goal guide uses the same example.
Monthly contribution is the payment that grows the current balance to the goal over the periods, at the periodic rate. Money already saved reduces that payment
Monthly savings
Enter a goal, a current balance, an annual return, and years.
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How to find a monthly savings amount
- Enter the goal and the current balance. The typed goal is a nominal future balance unless today's-dollar mode is on. If the number in your head is today's purchasing power and you stay in nominal mode, raise it for inflation first. The current balance may be zero.
- Enter the annual return and the years. Contributions are monthly. Choose nominal APR (annual ÷ 12) or an effective annual return, where the monthly rate is (1 + annual)^(1/12) − 1.
- Read the payment and how it splits. Total added is the monthly payment times the number of months. The rest of the path from today's balance to the goal is growth.
Frequently asked questions
- How is the monthly savings amount calculated?
- The current balance grows at the monthly rate for the years you enter. The payment is the end-of-month contribution that closes the gap to the goal. $10,000 growing at 7% toward $100,000 in 10 years needs about $462 a month. Type a nominal future balance, or switch on today's-dollar mode to model the path in real terms.
- What if the current balance already reaches the goal?
- The monthly payment is $0. Growth on money already saved is doing the work, under the return you typed. A lower return can bring a payment back.
- Is this investment advice?
- No. The calculator is for general informational and educational purposes only. The return is an assumption you choose.
- Should I reduce the goal for inflation?
- No. A target in today's purchasing power needs to be increased to a future nominal amount, or the whole path needs to be modeled in real terms. $100,000 of today's purchasing power in 10 years at 2% inflation is about $121,899 nominal. The calculator treats the number you type as that nominal balance unless today's-dollar mode is on. In that mode the goal stays in today's dollars and the return is real, so do not inflate the goal again.
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