🐷 Savings Goal Calculator

Find the monthly savings needed to hit a target amount by a target date.

About this tool

Works backward from a savings goal to tell you the monthly contribution required to reach it by a target date, factoring in what you've already saved and an optional expected annual return rate on that money.

This is the mirror image of the Investment Calculator: instead of projecting where contributions lead, it solves for the contribution a specific destination requires.

Worked example

Saving for a $20,000 goal in 5 years, starting with $2,000 already saved and a 4% annual return, requires about $278/month.

How to use it

Enter your savings goal.
Enter how much you've already saved, if anything.
Enter your timeline in years.
Optionally add an expected annual return, then press Calculate.

Tips

Setting the return rate to 0% gives you the required savings assuming the money sits in cash with no growth — a more conservative, cash-safe estimate.
If your current savings alone are projected to reach the goal without new contributions, the required monthly figure will show as $0.
Revisit this calculation periodically — actual returns will differ from the assumed rate, so your required monthly figure may need adjusting over time.

FAQ

What if I already have enough saved to reach my goal without contributing more?

The calculator will show $0 as the required monthly amount once your current savings, grown at the assumed rate, are projected to meet or exceed the goal.

Should I use a conservative or optimistic return rate?

For a savings goal with a firm deadline, a more conservative (lower) rate is generally safer, since it won't leave you short if actual returns underperform.

Does this assume I save the same amount every month?

Yes — it solves for one fixed monthly contribution amount for the entire period, similar to a mortgage or loan payment calculation in reverse.

From the blog: getting the most out of this tool

This calculator answers a different question than our Investment Calculator on purpose — that one asks "where will my contributions get me," this one asks "what contribution do I need to get somewhere specific by a certain date," which is usually the more actionable question when a goal has a real deadline attached, like a house down payment or a wedding.

The math is the same annuity formula used in loan calculations, just solved for the payment instead of the balance — a nice example of one formula quietly showing up in two very different corners of personal finance.

📖 Want the fuller explanation?

See The 50/30/20 Budget Rule for the reasoning behind this calculation, with worked examples.