Savings Goal Calculator
Find the monthly contribution you need to hit any savings goal. Factors in your current balance and expected investment returns.
Savings goal details
Required monthly contribution
$290.39
Total contributed
$34,847
Growth from returns
$10,153
Frequently Asked Questions about the Savings Goal Calculator
How does this calculator work?
It solves the future-value-of-an-annuity formula backwards. Given your goal, current balance, timeline, and expected return, it calculates the fixed monthly contribution needed so balance plus deposits compound up to your target.
Why does compound interest matter so much?
Every dollar contributed early earns returns for the entire timeline, and those returns earn returns. At 7% over 20 years, roughly half of your final balance comes from growth rather than contributions.
What return rate should I assume?
The 4% default is conservative and roughly matches a balanced portfolio after inflation. High-yield savings returns 4-5% nominal. A stock-heavy portfolio has historically averaged 7-10% before inflation.
Should I build an emergency fund first?
Yes. Most planners suggest 3-6 months of expenses in a high-yield savings account before investing for longer-term goals. It prevents selling investments at a loss when life happens.
What if my required contribution looks too high?
Three levers: extend your timeline, lower your goal, or accept a higher-risk portfolio with higher expected return. Adding a few years usually drops the monthly the most because compounding has more time to work.