Savings Goal Calculator

How the Required Monthly Contribution Is Calculated

Enter your savings goal, what you've already saved, the time you have to reach the goal, and an expected annual return (use 0% for a simple cash savings plan with no growth). The calculator projects your current savings forward with compounding, finds the remaining gap to your goal, and solves for the fixed monthly contribution needed to close that gap by your deadline.

Example

Saving toward a $20,000 goal with $2,000 already saved, over 24 months, at a 4% expected annual return, requires contributing roughly $726 per month. Without any investment growth (0% return), the same goal would require about $750 per month — growth does some of the work for you.

Common Use Cases

FAQs

What if I set the expected return to 0%?

With 0% return, the calculator simply divides the remaining gap to your goal evenly across the months remaining — appropriate for cash savings goals where you don't expect meaningful investment growth over the timeframe.

Should I use a conservative or optimistic return rate?

For shorter-term goals (under 3-5 years), a conservative rate — or 0% — is safer, since market volatility could leave you short if you assume high growth. For longer-term goals, a moderate long-term average return may be reasonable.

What if the required monthly contribution is negative or zero?

That means your current savings, projected forward with the expected return, are already enough to reach the goal without any further contributions — the calculator shows $0 as the required monthly amount in that case.