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Planning & Goals

Savings Goal Calculator

Work out how much to invest each month to reach a target by a set date.

Calculator inputs
$
$
%
yrs

Required monthly contribution

$641

Required monthly investment

Total you'll contribute

$38,452

Investment growth

$6,548

Key insight

You contribute
$38,452
Investment Growth
$6,548
Goal funded by growth
13.10%
  • Current Savings
  • Contributions
  • Investment Growth
$50,000025Year 0: Current Savings $5,000, Total Contributions $0, Investment Growth $0, Total Balance $5,000, Goal Progress 10.00%Year 0Current Savings: $5,000Total Contributions: $0Investment Growth: $0Total Balance: $5,000Goal Progress: 10.00%Year 1: Current Savings $5,000, Total Contributions $7,690, Investment Growth $435, Total Balance $13,125, Goal Progress 26.25%Year 1Current Savings: $5,000Total Contributions: $7,690Investment Growth: $435Total Balance: $13,125Goal Progress: 26.25%Year 2: Current Savings $5,000, Total Contributions $15,381, Investment Growth $1,285, Total Balance $21,666, Goal Progress 43.33%Year 2Current Savings: $5,000Total Contributions: $15,381Investment Growth: $1,285Total Balance: $21,666Goal Progress: 43.33%Year 3: Current Savings $5,000, Total Contributions $23,071, Investment Growth $2,572, Total Balance $30,643, Goal Progress 61.29%Year 3Current Savings: $5,000Total Contributions: $23,071Investment Growth: $2,572Total Balance: $30,643Goal Progress: 61.29%Year 4: Current Savings $5,000, Total Contributions $30,762, Investment Growth $4,318, Total Balance $40,080, Goal Progress 80.16%Year 4Current Savings: $5,000Total Contributions: $30,762Investment Growth: $4,318Total Balance: $40,080Goal Progress: 80.16%Year 5: Current Savings $5,000, Total Contributions $38,452, Investment Growth $6,548, Total Balance $50,000, Goal Progress 100.00%Year 5Current Savings: $5,000Total Contributions: $38,452Investment Growth: $6,548Total Balance: $50,000Goal Progress: 100.00%
Savings Goal Progress by Year
YearContributionsGrowthBalance
1$7,690$435$13,125
2$15,381$1,285$21,666
3$23,071$2,572$30,643
4$30,762$4,318$40,080
5$38,452$6,548$50,000

How it's calculated

Formula

Monthly Contribution = (Target Goal − Future Value of Current Savings) ÷ Future Value of an Annuity Factor

How it works

First, your current savings are grown to the target date. Whatever is still needed is divided by the future-value-of-an-annuity factor — the amount $1 per month would grow to over the period — which gives the monthly deposit required.

Variables

PMT
Required monthly contribution
Goal
Target amount
Current
Current savings
r
Annual return (decimal form). Example: 5% = 0.05
t
Years to goal
Monthly Contribution
The amount that must be invested every month to reach the target savings goal.

Worked example

Step 1 Grow Current Savings $5,000 ↓ $6,416 Step 2 Amount Still Needed $50,000 − $6,416 = $43,584 Step 3 Calculate Monthly Contribution Apply the annuity formula ↓ $641 per month Step 4 Total Contributions $641 × 60 months = $38,452 Step 5 Investment Growth $50,000 − $38,452 = $6,548 You'd need to invest about $640 per month to reach $50,000 in 5 years.

Frequently asked questions

What if the required amount is too high?

Extend your timeline, lower the goal, or assume a modestly higher return. Adding time usually reduces the monthly figure the most, because returns have longer to compound.

What return should I assume for a goal?

For short horizons many savers use conservative rates (2–5%) since there's little time to recover from a downturn. Longer goals can justify more growth-oriented assumptions.

Is the return guaranteed?

No. Market returns vary, so treat the monthly figure as a plan to revisit, not a certainty. Contributing a little extra builds in a buffer.

Does this include inflation or taxes?

No. The goal is in today's dollars and results are before taxes. If the goal is far off, consider setting it a bit higher to offset inflation.

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