🎯 Savings Goal Calculator
Find the monthly amount you need to save to hit a savings goal by a set date, taking into account money already saved and interest earned.
Quick answer: To reach $50,000 in 5 years with $5,000 already saved and a 4% annual return, you need to save $662.08 a month.
Updated · Free · No sign-up · Works on any device
Savings Goal Calculator inputs
Result
Save each month
$662.08
to reach $50,000.00 in 5 years
| Already saved | $5,000.00 |
| Total monthly deposits | $39,724.80 |
| Interest earned | $5,275.20 |
| Goal | $50,000.00 |
- Per week (approx.)
- $152.79
- Per year
- $7,944.96
| Year | Saved | Growth | Balance |
|---|---|---|---|
| Y1 | $12,945 | $351 | $13,296 |
| Y2 | $20,890 | $1,040 | $21,930 |
| Y3 | $28,835 | $2,081 | $30,915 |
| Y4 | $36,780 | $3,487 | $40,267 |
| Y5 | $44,725 | $5,275 | $50,000 |
How the monthly savings amount is worked out
Your current savings keep earning interest until the deadline. Whatever gap is left between that grown balance and your goal must be filled by equal monthly deposits, which also earn interest as they build up.
PMT = (Goal − Current × (1 + r)n) × r ÷ ((1 + r)n − 1)
r is the annual rate divided by 12 and n the number of months. Deposits are assumed at the end of each month; with a 0% rate the formula simplifies to the gap divided by the months.
Worked example
You want $50,000 in 5 years (60 months) and have $5,000 saved in an account paying 4%. The $5,000 grows to about $6,104.98, leaving a gap of roughly $43,895. Dividing by the deposit growth factor gives $662.08 a month. Over five years you deposit $39,724.80 and interest covers the rest.
Typical goals and timelines
| Goal | Typical horizon | Where to keep it |
|---|---|---|
| Emergency fund (3–6 months of costs) | 6–24 months | High-yield savings |
| Car or wedding | 1–3 years | Savings account or CDs |
| House down payment | 3–7 years | Savings, CDs, short-term bonds |
| Child's education | 10–18 years | Tax-advantaged investment account |
Tips for hitting your goal
- Automate a transfer on payday so the money is saved before you can spend it.
- Keep each goal in its own account or "bucket" to track progress.
- Put windfalls such as tax refunds or bonuses toward the goal to shorten the timeline.
Estimates for educational purposes, not financial advice.
Frequently asked questions
How do I calculate how much to save each month?
Grow your current savings to the deadline, subtract that from the goal, and divide the gap by the future value of $1 saved monthly: gap × r ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n the number of months.
What return should I use for a savings goal?
For goals under about five years, use a high-yield savings or CD rate, because the money should not be exposed to stock market swings. For long-term goals a modest investment return may be reasonable.
What if my current savings already cover the goal?
If your existing balance will grow past the goal on its own, the calculator shows a required monthly saving of zero.
Should I save weekly or monthly?
The total is almost the same. Saving right after each payday – weekly, biweekly or monthly – is what matters, and automating the transfer makes it much easier to stick to.