How to use this calculator
- Goal amount. Enter the total you want to have at the end.
- Current savings. Enter what you have already set aside for this goal. Use 0 if you are starting fresh.
- Years to goal. Enter how long you have. Part years work too.
- Expected yearly return. Enter the yearly rate you expect your savings to earn. Use 0 to see the plan with no growth at all.
The main result is the amount to save per month. You also see the total you put in, the growth earned, the projected balance at the end and a chart of the balance over time.
Worked example
These are the starting values in the calculator above and the results they give. Change any input to see your own numbers.
- Goal amount
- $50,000
- Current savings
- $5,000
- Years to goal
- 5 years
- Expected yearly return
- 4%
- Save per month
- $662.08
- Total you put in
- $44,725
- Growth earned
- $5,275
- Projected balance
- $50,000
How the monthly savings amount is calculated
The calculator works in three steps.
- It grows your current savings to the goal date at the expected return.
- It subtracts that from the goal. What is left is the gap your monthly deposits must fill.
- It finds the equal monthly deposit that, with growth, adds up to the gap.
Growth is applied monthly, using the yearly return divided by 12. Each deposit earns growth from the month it is made until the goal date.
With a return of 0, the math is simple. A goal of $20,000 with $5,000 already saved leaves a gap of $15,000. Divide that by the number of months to get the monthly amount. Any return above 0 lowers the amount, because growth does part of the work.
M = (G − S × (1 + i)^N) × i ÷ ((1 + i)^N − 1)- M
- amount to save per month
- G
- goal amount
- S
- current savings
- i
- monthly return (yearly return ÷ 12, as a decimal)
- N
- number of months to the goal
How to read the results
- Total you put in is your current savings plus all monthly deposits.
- Growth earned is the projected balance minus the total you put in. On a short timeline it is small. On a long one it can be a large share of the goal.
- Projected balance should match your goal. If your current savings would grow past the goal alone, the monthly amount is 0.
The expected return is the least certain input. For a goal only a few years away, growth has little time to help, so the monthly amount depends mostly on the gap and the timeline. Try a lower return to see a cautious version of the plan.
Prices tend to rise over time, so a far-off goal may need a bigger target. The inflation calculator shows what a cost in today's money could become. To test a fixed monthly deposit instead, use the compound interest calculator.
Frequently asked questions
How much should I save each month to reach my goal?
It depends on four things: the size of the goal, what you already have, how long you have, and the return you expect. With no growth, divide the gap between your goal and your current savings by the number of months. With growth, the monthly amount is lower. Enter your figures above to get the number.
What return should I enter?
Use a rate that fits where the money will be kept. Cash savings usually earn a low, steady rate. Investments may earn more over long periods but can fall in value, which matters most for short-term goals. If you are unsure, run the calculator with a low rate and a higher one to see the range.
What if I cannot afford the monthly amount?
You have three levers. You can give yourself more time, lower the goal, or add a lump sum to your current savings. Extending the timeline often helps most, because it spreads the gap over more months and gives growth longer to work. Change one input at a time to see which makes the biggest difference.
Does the calculator adjust for inflation?
No. The goal is treated as a fixed dollar amount on the goal date. If the thing you are saving for is likely to cost more in the future, raise the goal to the price you expect to pay then. For long timelines this adjustment can be large, so it is worth checking before you settle on a number.
Is it better to save a lump sum or monthly?
Money saved earlier has more time to grow, so a lump sum at the start ends up larger than the same total spread over months, if the return is positive. Most people cannot save it all at once, though. Regular monthly saving is the practical route, and any lump sum you can add early lowers the monthly amount.
This calculator gives estimates for education only. It does not know your full situation and is not financial advice. Reviewed and updated November 15, 2026.