What if I can't afford the suggested monthly amount?

Try extending your timeline or lowering your goal amount and recalculating — both reduce the required monthly contribution.

Should I assume a high interest rate to lower my required contribution?

Be conservative. Using an optimistic rate makes the required contribution look smaller than it may actually need to be if real returns come in lower.

Savings

Savings Goal Calculator

Find the monthly contribution required to reach a specific savings target by a future date, based on your current savings and an expected annual return.

Savings Goal

Total you'll contribute

Growth from interest

How it works

Formula & methodology

This calculator solves the future value of an annuity formula for the payment amount: PMT = (FV − PV(1+r)^n) × r / [(1+r)^n − 1], where FV is your goal, PV is your current savings, r is the monthly interest rate, and n is the number of months until your target date. When the interest rate is 0%, it simplifies to PMT = (FV − PV) / n.

Source: Investopedia: Future Value of an Annuity

Example

Worked example

Example: to reach a $30,000 goal in 5 years (60 months), starting with $4,000 saved and earning 4% annually, you would need to contribute about $379 per month.

FAQ

Frequently asked questions

What if I can't afford the suggested monthly amount?: Try extending your timeline or lowering your goal amount and recalculating — both reduce the required monthly contribution.
Should I assume a high interest rate to lower my required contribution?: Be conservative. Using an optimistic rate makes the required contribution look smaller than it may actually need to be if real returns come in lower.

Tips

Practical tips

Recalculate this every 6-12 months — actual returns, income changes, and new priorities mean the original required contribution rarely stays accurate for long.
If the required monthly contribution feels unaffordable, extending the timeline by even 12-18 months often lowers it more than you'd expect, because compounding gets more time to help.
Keep goal-specific savings in a separate account from your everyday spending money — mixing the two is the most common reason people miss savings targets.

Results are estimates for general informational purposes only and do not constitute financial, tax, or legal advice. Always confirm important figures with a qualified professional or your lender before making a financial decision.