Skip to main content
Money Mechanicsfrom The Payments Corner
Subscribe
The Toolbox
Calculator

Savings goal

Find the monthly amount that gets you to a savings goal by your deadline.

Your goal

What you want, what you have, and how long you’ve got.

The amount you’re aiming for.
What you’ve put toward this goal so far — 0 is fine.
Use 0 for a plain savings account.
How this is calculated

We run the compound-growth math backwards. Your goal has to equal what your current balance grows into plus the future value of every monthly deposit, compounded monthly at return ÷ 12. Solving that for the deposit gives the monthly amount needed.

A higher assumed return means the market covers more of the goal, so you need less each month — that’s the growthfigure. At 0% there’s no growth, so it’s simply the shortfall split evenly across the months. If your current balance already grows past the goal, the required deposit is 0.

Set aside each month

$147.05

for 5 years to reach $10,000.

You put in

$8,823

your deposits

Growth adds

$1,177

the market’s share

Goal

$10,000

where you land

Saving $147.05 a month gets you to $10,000 in 5 years. Of that, you contribute $8,823 and growth adds $1,177. A longer timeline or a higher return lowers the monthly number.

Runs entirely in your browser — nothing you enter is sent anywhere.