№ 051 · Savings cluster
Savings Goal Calculator
You know the number you’re aiming for and the date you need it by — a down payment, a wedding, a new car. This calculator runs the compounding in reverse and tells you the one thing that matters: how much to put away each month to get there exactly on time.
Monthly target · backed out from a goal
Already know your monthly contribution? Project it forward with the Compound Interest Calculator, or size a safety net first with the Emergency Fund Calculator.
Your goal01
$
$
Your timeframe02
Growth03
%
Save $346.78/month to get there
$30,000.00
your goal · 5 yr away
$4,193.15 from growth$20,806.85 you’ll add
Monthly needed$346.78
You’ll add$20,806.85
Growth earned$4,193.15
In5 yr
- Balance$30,000.00
- Contributed$25,806.85
- Goal$30,000.00
| Year 0 | balance $5,000.00, contributed $5,000.00 |
|---|---|
| Year 1 | balance $9,513.88, contributed $9,161.37 |
| Year 2 | balance $14,258.70, contributed $13,322.74 |
| Year 3 | balance $19,246.28, contributed $17,484.11 |
| Year 4 | balance $24,489.02, contributed $21,645.48 |
| Year 5 | balance $30,000.00, contributed $25,806.85 |
How the balance builds
| When | Saved | Growth | Balance |
|---|---|---|---|
| Year 1 | $9,161.37 | $352.51 | $9,513.88 |
| Year 2 | $13,322.74 | $935.96 | $14,258.70 |
| Year 3 | $17,484.11 | $1,762.17 | $19,246.28 |
| Year 4 | $21,645.48 | $2,843.54 | $24,489.02 |
| Year 5 | $25,806.85 | $4,193.15 | $30,000.00 |
How it works · methodology
The math, in the open.
PMT = (goal − current·(1+i)^n) / (((1+i)^n − 1) / i) i = annual return ÷ 12 n = number of months PMT = (goal − current) / n when the return is 0
- goal
- The target amount you want saved
- current
- What you have saved today
- i
- Monthly return (annual ÷ 12)
- n
- Months until the deadline
Assumptions & limits
- Contributions are added at the end of each month and the balance compounds monthly at the return you enter.
- If your current savings would grow past the goal on their own, the required monthly is zero — you’re already on track.
- Match the return to the horizon: cash or a high-yield savings rate for near-term goals, not stock-market returns.
- An estimate in nominal dollars — it does not adjust the goal for inflation or model taxes on the growth.
By the MintNumber Editorial Team·Reviewed
Frequently asked
Questions about saving for a goal
How does the calculator work out the monthly amount?
It runs the compound-interest math in reverse. Instead of asking what a fixed monthly contribution grows into, it fixes the goal and the deadline and solves for the contribution that lands exactly on target — the sinking-fund formula. Your current savings grow toward the goal on their own, and the required monthly only has to cover the remaining gap, so a head start and a higher return both shrink the number.
What return rate should I assume?
Match the rate to the timeline and the risk you can take. For a goal a year or two out, the money belongs in cash or a high-yield savings account, so use that account’s APY — often a few percent — and nothing more. For a goal a decade away you might invest it and assume a higher long-run return, but then you are accepting market risk on the way. When in doubt, assume less; it is safer to oversave than to fall short.
What if I already have some money saved?
Enter it as your starting balance and the required monthly drops, because that balance keeps compounding toward the goal alongside your new contributions. If what you already have will grow past the goal on its own before the deadline, the calculator simply shows that no monthly saving is needed — you are already on track.
Should I keep a short-term goal in the stock market?
Usually not. If you need the money within a few years, a market downturn right before the deadline can wreck the plan, and there is little time to recover. Short-term goals belong in safe, liquid savings even though the return is modest. The longer your horizon, the more comfortable a higher assumed return becomes — but a savings goal with a hard date is exactly the case for playing it safe.
How is this different from the compound interest calculator?
They are two sides of the same coin. The compound interest calculator projects forward: you choose a monthly contribution and see the future value. This one works backward: you choose the future value and the date, and it solves for the contribution. Use this when you know the target — a down payment, a wedding, a car — and need to know what to set aside each month to hit it.