Savings Goal Calculator
When you know exactly how much you need and when you need it — 20,000 by June 2030 for a down payment, say — the question flips from “what will this grow into” to “what do I have to save each month”. This calculator solves that reverse problem: given a target, a starting balance, an interest rate and a deadline, it tells you the monthly contribution that lands you there.
How to plan for a goal
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1
Enter the target
The total amount you want to reach, e.g. 30,000 for an emergency fund or 80,000 for a house deposit.
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2
Add a starting balance
Whatever is already set aside, including any existing savings that will grow alongside new deposits.
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3
Set the deadline and rate
Pick a date (or number of months) and an expected annual return — typical savings accounts 2-4%, invested 6-7%.
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4
Read the monthly number
The tool returns the required contribution per month, plus a timeline showing progress year by year.
Working backwards from a goal
The math is the compound-interest formula solved for the contribution. Same ingredients, different unknown.
Required monthly to hit 20,000
| Years to goal | Needed at 0% | Needed at 4% | Needed at 7% |
|---|---|---|---|
| 3 years | 556 | 525 | 502 |
| 5 years | 333 | 302 | 279 |
| 10 years | 167 | 136 | 115 |
| 15 years | 111 | 81 | 63 |
| 20 years | 83 | 55 | 38 |
Doubling the timeline roughly halves the required monthly — with interest, more than halves.
When to assume a conservative rate
- Short horizon (under 3 years). Stick with savings-account yields (2-4%) because you cannot ride out market drops.
- Medium horizon (3-10 years). A mix of bonds and equities historically returns 4-6%.
- Long horizon (10+ years). Diversified index investing has delivered 6-8% real historically, but reduce for tax and fees.
Tips for reaching it
- Automate the transfer the day after payday. Manual saving has a 100% failure mode: the end of the month.
- Round up. If the math says 187 per month, set it to 200. Cushion absorbs rate shortfalls.
- Review annually. If interest ran below assumption, bump the contribution. If ahead, leave it — the surplus is your buffer.
- Split goals into buckets. A single account muddles emergency fund, house deposit and vacation. Three accounts makes each goal legible.
Frequently Asked Questions
Match the rate to the account you plan to use. High-yield savings today pay 3-5%, bonds 4-5%, a balanced portfolio 5-7% long term. Be conservative if the deadline is near.
Three levers: extend the timeline, increase the expected rate (by investing rather than saving), or lower the goal. The calculator lets you try all three to find a plan that actually fits your budget.
The core calculation assumes a fixed monthly amount. For bonus-heavy or seasonal income, solve it twice — one run for the base monthly, a second lump sum added to the starting balance in the year the bonus lands.
It is not. The math happens on your device and the target, dates and balance you type are never uploaded.
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