Savings Goal Planner
How much to set aside each month to reach your goal on time.
Monthly saving needed:
Total you'll contribute:
Interest earned along the way:
Balance growth toward your goal
How to use this calculator
Enter your goal, current savings, years and expected annual return, then press Calculate. The monthly contribution needed and interest earned are displayed.
Worked example
To reach a $20,000 goal in 10 years with $2,000 already saved and a 6% expected return, you need roughly $110 a month. Without the head start, the same goal needs about $120 a month - and at 0.1% in a checking account it jumps to $150 because none of your money is working.
What the result means
The tool converts a distant goal into a monthly number you can actually budget. The return you assume matters enormously: on a 10-year goal the difference between 4% and 7% can be hundreds of dollars a month.
Why the return assumption is the whole game
- Short horizons (under 5 years): keep money in high-yield savings or CDs, not the market.
- Long horizons: a diversified portfolio's expected return usually beats savings meaningfully.
- Be honest about the rate - assuming 10% because a fund did once is how plans fail.
Frequently asked questions
Should I include inflation?
Yes for long goals - a goal in today's dollars needs a real return estimate. The safest habit is planning with a conservative after-inflation rate so the real number is a pleasant surprise.
The best return assumption is a conservative one. Automate the monthly amount the day pay arrives, and treat the head start and the rate as bonuses that shorten the timeline - check the plan yearly and adjust contributions as income rises rather than resetting the goal.