🎯 Savings Goal Calculator

A savings goal calculator tells you exactly how much to save each month to reach a financial target by a specific date. Enter your goal amount, timeline, current savings, and expected return rate to see your required monthly contribution and whether the goal is achievable with interest working in your favor.

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Savings goal

Savings goal (USD)

Current savings (USD)

Annual interest rate (%)

Time to reach goal (years)

Monthly savings needed

$651.44

Save $651.44/mo for 5 years at 4.5% to reach $50,000.00

Total contributions

$44,086.15

Interest earned

$5,913.85

Goal

$50,000.00

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Frequently asked questions

How much should I save each month?▾

Divide your goal by months remaining, adjusting for interest earned. Our calculator does this math automatically using the future value of an annuity formula.

What is a good savings rate?▾

Financial experts often recommend saving 20% of take-home pay (the 50/30/20 rule). For retirement, target 15% of gross income including employer match.

Recommended services

SoFi

High-yield savings accounts, personal loans, investing, and mortgage refinancing.

Visit SoFi ↗

Ally Bank

Online savings accounts with competitive APYs and no monthly fees.

Visit Ally Bank ↗

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Disclaimer: This calculator is for informational and educational purposes only. Results are estimates and not financial advice. Consult a licensed financial advisor before making financial decisions.