Loading...
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
Estimate monthly spousal support using income disparity and marriage length. Educational use only.
Generate a full amortization schedule showing each payment's principal and interest split.
Calculate auto loan payments with down payment, trade-in, and amortization schedule.
Find break-even units and revenue. Analyze profit at any volume with contribution margin.
Calculate capital gains tax with short-term and long-term rates. Includes NIIT and residence exclusion.
Calculate expected returns using CAPM based on beta, risk-free rate, and market return.