Savings Goal Calculator
Work out what you need to put away each month to hit a target by a deadline, checked against what your budget can actually spare, across three return assumptions.
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Results
Enter your information to see how your savings stack up across different investment return scenarios.
Projections assume consistent monthly contributions and do not account for taxes on investment gains. Returns are hypothetical. This tool is for educational purposes only.
How the calculation works
This is a future value calculation run in reverse. Given a target, a deadline, and what you have already set aside, it solves for the monthly contribution that gets you there, compounding monthly, and crediting your existing balance with growth over the same period.
Two things make it more useful than the arithmetic alone. First, it runs the answer across three return assumptions rather than one: 4% conservative, 7% moderate, and 10% aggressive. The spread between those three tells you how much of your plan is depending on the market cooperating, which is the number most goal calculators hide. Second, it subtracts your essential expenses from your take-home income and compares the required contribution against what is genuinely left over. A plan that requires more than your surplus is not a plan.
Choosing a return assumption honestly
The return you assume should follow from your timeline, not your optimism. The shorter the horizon, the less any of it should be invested in anything that can fall.
- Under two years: use the conservative figure or lower. Money you need on a fixed date should be in cash or a high-yield savings account. A 20% drawdown three months before a house closing is not a risk worth taking for a couple of extra percent.
- Two to five years: somewhere between conservative and moderate, with the mix tilting toward safety as the date approaches. This is the awkward middle where most goals sit.
- Five years or more: the moderate figure is a reasonable long-run planning assumption for a diversified portfolio. The aggressive figure is best used as a sensitivity test rather than a plan.
Also worth noting: the projection is in nominal dollars. If your goal is a decade out and denominated in something whose price rises with inflation (a house, a college bill, a wedding), the target you enter today understates what you will actually need. Either inflate the goal, or read the conservative column as your realistic case.
When the required contribution is more than you have
This is the common outcome, and it is useful information rather than a failure. There are only four levers, and it helps to see them side by side:
- Extend the deadline. Cheapest lever by far, because compounding does more of the work the longer it runs. Adding two years to a seven-year goal usually cuts the monthly figure by more than people expect.
- Reduce the target. Worth testing before assuming the number is fixed, since many goals are a preference expressed as a figure.
- Increase the surplus. Either side of the income-minus-expenses gap, though on most budgets the expense side has less room than it appears.
- Take more risk. Listed last deliberately. It is the only lever that can make the outcome worse rather than merely slower.
Where a goal like this sits in the wider plan
One caution the calculator cannot give you. A specific savings goal (a deposit, a car, a wedding) is easy to prioritize precisely because it has a date on it, and that visibility means it frequently gets funded ahead of things that matter more but feel less urgent. Before committing a monthly figure here, confirm that an emergency fund exists, that any employer retirement match is being captured in full, and that no high-interest debt is outstanding. A match is an immediate, guaranteed return that no goal on this page can compete with.
Savings goal questions
How much should I save each month to reach my goal?
It depends on four inputs: the target amount, how long you have, what you have already saved, and the return you assume. Leave the planned contribution field blank and the calculator solves for the required monthly amount directly, and shows it across conservative, moderate, and aggressive return assumptions so you can see how much of the plan depends on market performance.
What return assumption should I use for a savings goal?
Match it to your timeline. For goals under two years, use the conservative figure or lower, because money needed on a fixed date belongs in cash or a high-yield savings account rather than the market. Between two and five years, sit between conservative and moderate and shift toward safety as the date approaches. Beyond five years, the moderate assumption is reasonable for a diversified portfolio, and the aggressive figure is better used as a sensitivity test than as a plan.
What if I cannot afford the required monthly contribution?
There are four levers. Extending the deadline is the cheapest, because compounding does more of the work over a longer period. Reducing the target is worth testing, since many goals are a preference expressed as a figure. Increasing the surplus between income and essential expenses is next. Taking more investment risk comes last, because it is the only lever that can make the outcome worse rather than simply slower.
Does the calculator account for inflation?
No. Projections are in nominal dollars. If your goal is several years out and denominated in something whose price rises over time (a house, a college bill, a wedding), the target you enter today understates what you will actually need. Either raise the target to reflect expected inflation, or read the conservative return column as your realistic case.
Should I fund a savings goal before retirement contributions?
Usually not, and specific goals get over-prioritized precisely because they have a date attached. Before committing a monthly figure, confirm that an emergency fund is in place, that any employer retirement match is being captured in full, and that no high-interest debt is outstanding. An employer match is an immediate guaranteed return that no savings goal can compete with.