Savings goal calculator

A house deposit, a car, a year off, a child's education. Enter the amount and the date, and see what to put away every month to get there.

Your numbers

CurrencyYour goal$The goal is inYears until you need ityearsAlready saved for it$Expected yearly return%Use a lower rate for goals only a few years away.Raise the monthly amount each year by%Optional. Start smaller and grow it with your income.

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Save each month

$301

Target

$50,000

Money you put in

$38,094

Including what you have now

Growth does the rest

$11,906

Your path to the goalSavingsPut in

See the year-by-year table

Year	Put in so far	Growth so far	Savings
1	$5,609	$186	$5,796
2	$9,219	$567	$9,785
3	$12,828	$1,151	$13,979
4	$16,437	$1,950	$18,388
5	$20,047	$2,975	$23,022
6	$23,656	$4,237	$27,893
7	$27,266	$5,747	$33,013
8	$30,875	$7,520	$38,395
9	$34,484	$9,569	$44,053
10	$38,094	$11,906	$50,000

How this calculator works

It starts from what you have already saved and lets it grow at your chosen rate. Then it finds the monthly amount that closes the gap by your deadline, with each deposit growing from the month it goes in. The answer is exact for the numbers you enter, not a guess.

If your goal is a price in today's money, such as a car that costs 30,000 now, choose today's money. The calculator raises the target by inflation first, because the same car will cost more by then.

An example

You want 50,000 in 10 years and have 2,000 set aside. At 5% a year you need to save about 300 a month. Over the ten years you put in about 38,000, and growth covers the other 12,000 or so.

Ways to make the goal easier

Give it more time. Each extra year lowers the monthly amount, and adds a year of growth.
Start lower and raise it. A yearly increase lets you begin with a smaller amount that rises with your income.
Match the rate to the deadline. Money you need in two or three years is usually kept somewhere steady, so use a lower rate for short goals.

Questions people ask

What rate should I use for a short-term goal?

For money you need within a few years, use roughly what a savings account or deposit pays where you live. Investments that can fall in value are a risk when the deadline is close.

Should I include inflation?

Yes, if your goal is a price you can see today. Then today's money keeps the target honest. If the goal is a fixed future number, such as a loan you must repay, leave it as entered.

What if my savings already cover the goal?

The calculator tells you, and the monthly amount drops to zero. You can lower the rate to check how much margin you have if returns disappoint.

For education only, not financial advice. Results are estimates from the numbers you enter. Returns are illustrative, not a forecast or a promise, and real results depend on fees, taxes, timing and your lender's or provider's exact terms. See our editorial policy.

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