Savings Goal Calculator
Calculate how much you need to save monthly to reach your financial goals
Results
Monthly Savings Needed
$288.94
Total Contributions
$39,672.37
Interest Earned
$10,327.63
Save $288.94 per month for 10 years to reach your goal of $50,000.00
Savings Tips
- •Set up automatic transfers to your savings account
- •Look for high-yield savings accounts
- •Review and adjust your goal periodically
- •Build an emergency fund before other savings goals
How Savings Goal Calculation Works
This calculator determines the monthly savings needed to reach your goal. It factors in your current savings, target amount, interest rate, and timeframe. The formula uses the future value of an annuity to calculate the precise monthly contribution required.
Understanding Savings Goals
Successful saving requires clear goals and consistent action. By calculating exactly how much you need to save each month, you transform a vague goal into a concrete plan. Regular contributions, even small ones, combined with compound interest can help you achieve significant financial goals.
Frequently Asked Questions
A common guideline is the 50/30/20 rule: 50% for needs, 30% for wants, and 20% for savings. However, your specific goal determines the amount. Use this calculator to find the exact monthly amount needed.