FINANCE · Savings · Free savings goal calculator
Savings Goal Calculator: How Much Should You Save Each Month?
Calculate the monthly savings needed to reach a goal in the time available, with the effects of principal and assumed returns shown.
Enter your details to get started
Initial estimate
This result is generated in your browser. Review the calculation method and limitations alongside it.
How does a savings goal calculator work?
A goal-based savings calculator works backward to estimate the monthly savings needed to reach a lump-sum target by a chosen date.
What this savings goal calculator estimates
- Monthly savings needed to reach your goal
- Projected value of current savings at the end of the period
- Additional savings needed beyond your starting balance
- Projected compound growth over time
Savings goal calculation method
The calculator uses an annuity formula and applies the expected annual return in your browser.
Free savings estimates versus personalized advice
This free tool provides a preliminary estimate for a savings goal. For a broader personal financial plan, see the full financial plan.
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Read more
Explore articles that explain the topic and its limitations, while keeping educational information separate from personalized advice.
Frequently asked questions about savings goals
Do I need an initial balance?
No. You can enter 0 for current savings, and the tool will estimate the monthly savings needed to meet the goal.
Do I need an exact target and time frame?
Enter your target amount and when you expect to need the money (in months or years).
Does this savings calculator cost anything?
No. You can use the tool without creating an account.
Are returns guaranteed?
No. The figures are scenarios. Choose savings or investment assets that suit your risk tolerance.
How do short-term and long-term goals differ?
For short-term goals (<3 years), prioritize liquidity. For longer-term goals (>5 years), you may consider assets with growth potential.
What should I do with the result?
Set up an automatic monthly transfer to a dedicated savings account for your goal.