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Calculate exactly how much to save each month to reach any financial goal
A savings goal is a specific financial target with a defined amount and deadline. By calculating how much to save each month, accounting for compound interest, you can create an actionable savings plan for any purpose from emergency funds to vacations to retirement.
$5,000.00 of $20,000.00
Monthly Savings Needed
$584.71
Total Contributions
$14,032.97
Interest Earned
$967.03
| Goal | 1 Yr | 2 Yr | 3 Yr | 5 Yr |
|---|---|---|---|---|
| $10,000 | $833 | $410 | $268 | $154 |
| $25,000 | $2,083 | $1,025 | $671 | $384 |
| $50,000 | $4,167 | $2,050 | $1,342 | $769 |
| $100,000 | $8,333 | $4,100 | $2,684 | $1,537 |
Assumes no current savings.
Formula
Monthly Savings = (FV − PV × (1+r)^n) ÷ [((1+r)^n − 1) ÷ r]FV = Future value (your savings goal)
PV = Present value (current savings)
r = Monthly interest rate (APY ÷ 12)
n = Number of months
Worked Example
Goal: $20,000 in 24 months, $5,000 already saved, 4% APY
Did you know? Only 44% of Americans could cover an unexpected $1,000 expense from savings without borrowing, according to Bankrate's 2024 Annual Emergency Savings Report: underscoring the importance of a dedicated savings goal and automatic monthly transfers.
Sources
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