Savings Goal Calculator
A savings goal calculator works backward from a target amount, current savings, and a time horizon to find the fixed monthly contribution required — the reverse of the retirement calculator, which projects forward from a chosen contribution. Solving the annuity formula backward for the payment, instead of forward for a future value, is exactly the reverse of what the retirement and compound-interest calculators do, which is why this tool exists as its own dedicated calculator rather than a mode on either of those.
Educational estimate only. Results are not medical, legal, or financial advice. Confirm important decisions with a qualified professional.
How it works
- Enter your savings target and how much you already have saved.
- Enter an expected annual return and the number of months until your goal date.
- Read the fixed monthly amount you need to save.
Formula Solves the future-value annuity formula for the payment given a target, current savings, rate, and months
Frequently asked questions
What if I already have enough saved?
The required monthly amount shows as 0 — your current savings, with growth, already reach the target.
How is this different from the retirement calculator?
The retirement calculator projects forward: "what will this contribution grow to?" This tool works backward: "what contribution do I need to hit a specific target?"
What return rate should I use for a short-term goal?
For goals under a few years, many savers use a low or 0% rate (e.g. a high-yield savings account), since there’s less time to recover from market swings than a long-term investment.
Does this account for taxes on investment growth?
No — enter an after-tax expected return for an after-tax result.
Is this financial advice?
No. It is an educational calculation based on assumptions you provide.