GoalSaver

Savings Goal Calculator

Work backward from your goal — how much per month to get there on time.

Savings goal

Current savings

Time frame (months)

Expected annual return

What you entered

Goal: $50,000Current savings: $5,000Months: 60Return: 7%

1
Remaining to save
$50,000.00 − $5,000.00= $45,000.00
2
Monthly return rate
7% ÷ 12= 0.5833%
3
Monthly savings needed
(target − FV of current) × r / [(1+r)^n − 1]= $599.39
4
Total contributions over period
$599.39 × 60= $35,963.24
5
Growth from returns
$50,000.00 − $5,000.00 − contributions= $9,036.76

Result

Monthly savings: $599

To reach $50,000 in 5.0 years starting from $5,000, save $599/month. With 7% annual returns, $9,037 comes from investment growth.

Monthly saving needed to hit a target

Each cell is the monthly deposit required to reach the goal in that many months, starting from zero and assuming a 5% expected annual return on the balance as it builds.

Savings goal	In 12 months	In 24 months	In 36 months	In 60 months
$5,000	$407.20	$198.52	$129.02	$73.52
$10,000	$814.41	$397.05	$258.04	$147.05
$15,000	$1,221.61	$595.57	$387.06	$220.57
$20,000	$1,628.82	$794.09	$516.08	$294.09
$25,000	$2,036.02	$992.62	$645.11	$367.61
$50,000	$4,072.04	$1,985.24	$1,290.21	$735.23
$100,000	$8,144.08	$3,970.47	$2,580.42	$1,470.46

The figures scale in a straight line with the goal, so a $7,500 target needs exactly half the $15,000 row. Doubling the time frame does slightly better than halving the payment, because returns compound on a balance that is growing for longer. All rows start from zero - entering money you already have reduces the monthly figure considerably. For a goal inside about two years, assume little or no return and treat these as savings rather than investment: money you need on a fixed date should not be exposed to a market that can be down when the date arrives.

Investment returns do heavy lifting over time

Saving $500/month for 20 years at 7% annual return gives you $260,000 — but only $120,000 of that is your contributions. The other $140,000 is compound growth. Starting early matters more than saving slightly more later.

Adjust for inflation on long-term goals

A $50,000 goal 10 years from now is worth less than $50,000 today. For long-term goals, increase your target by 2-3% per year to maintain purchasing power — or use an after-inflation return rate (e.g., 4-5% instead of 7%).

Frequently asked questions

How much should I save each month?

It depends on your goal, timeline, and expected return. For a $20,000 car in 3 years (savings account at 4%): ~$530/month. For a $100,000 down payment in 10 years (invested at 7%): ~$575/month. Longer timelines need less per month because compound interest does more of the work.

Where should I save for different goals?

Under 2 years: high-yield savings account (safe, liquid, 4–5% APY). 2–5 years: CDs or short-term bond funds (slightly higher returns). 5–10+ years: index funds (higher expected returns, can weather volatility). Never invest money you'll need within 2 years in the stock market.

How does starting earlier affect savings goals?

Dramatically. To save $500,000 by age 65 at 7% return: starting at 25 requires $263/month. Starting at 35: $556/month. Starting at 45: $1,317/month. Each decade of delay roughly doubles the required monthly contribution because you lose 10 years of compound growth.