Free tool

Savings Goal Calculator

Set a savings target and estimate how much you may need to save each month based on the inputs selected.

Factor in your current savings and an assumed annual rate to compare different scenarios.

A young couple planning their savings together
$
$
years
%
Required monthly contribution$340
Projected final balance$25,000
Total contributions$22,415
Total interest earned$2,585
Current progress toward goal8%

Save $340 per month for 5 years to reach your $25,000 goal.

This calculator is for educational purposes only and does not constitute financial advice. Results are illustrative and based on the inputs selected. Actual results may vary due to changes in interest rates or market performance, contribution timing, fees, taxes, and inflation. Finelo does not guarantee that any savings goal will be achieved.

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Frequently asked questions

How is the required monthly contribution calculated?
The calculator projects your current savings forward using your expected interest rate, then solves for the monthly contribution needed to close the remaining gap to your goal by your target date.
What if I already have enough saved to reach my goal?
If your current savings, projected forward at your expected interest rate, already meets or exceeds your goal, the required monthly contribution will show as $0.
Should I use a conservative or optimistic interest rate?
The appropriate rate will depend on your individual circumstances and the type of account or investment. Try several rates to see how different assumptions affect the required monthly contribution. Actual interest rates and investment returns may vary.
Does this account for inflation?
No. This calculator projects nominal dollar amounts and does not adjust for inflation. Keep in mind that the purchasing power of your goal amount may be lower by the time you reach it.

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