Savings Calculator
Find the monthly savings needed to reach a future goal.
Try an example
$321.99
About this calculator
Why Plan Your Savings?
People save for all sorts of reasons: a home or car, college tuition, a wedding, a holiday, a safety net for emergencies, or a comfortable retirement. Without a plan, those goals often arrive before the money does. This savings calculator estimates how a starting balance and regular contributions grow over time at a given interest rate, so you can see the end balance, the total you paid in and how much came from interest.
How the Growth Is Calculated
Each period, interest is added to the balance, and your next contribution goes on top. Because interest is earned on previous interest too, growth speeds up over time. The future balance combines two parts: Balance = Starting amount × (1 + i)ⁿ + Contribution × [((1 + i)ⁿ − 1) ÷ i], where i is the rate per period and n is the number of periods. The calculator assumes contributions are made at the end of each period.
Worked Example
To reach a $50,000 goal in 10 years at 5% annual interest, starting from $0, you'd need to save $321.99/month — contributing $38,639.31 of your own money in total, with the remaining $11,360.69 coming from interest growth.
Where to Keep Savings
- Savings accounts: in the U.S., most are insured up to the legal limit by the FDIC; they pay modest interest and let you withdraw at any time.
- High-yield savings and money market accounts: typically offer higher rates with similar safety.
- Certificates of deposit (CDs): a fixed rate in exchange for locking the money up for a set term.
- Retirement and investment accounts: higher expected returns, but values can fall, and some have withdrawal rules.
What Affects the Outcome
- How early you start — time is the strongest driver of compound growth.
- How much you contribute and how consistently.
- The interest rate and how often it compounds.
- Inflation and taxes — they reduce what your money can actually buy, so look at the after-inflation return.
Habits That Help
Automate transfers on payday, build an emergency fund of three to six months of expenses first, and raise contributions whenever your income rises. Compare how different rates change the result with the Compound Interest Calculator, set a target with the Future Value Calculator, and find the cash to save with the Budget Calculator.
Worked example
To reach a $50,000 goal in 10 years at 5% annual interest, starting from $0, you'd need to save $321.99/month — contributing $38,639.31 in total, with the rest coming from interest growth.
Frequently asked questions
How is this different from the Future Value Calculator?
Future Value tells you what a given contribution grows to. This calculator solves the reverse problem: given a target amount, it tells you what monthly contribution is required to reach it.
What if I already have some savings toward my goal?
Enter it as current savings — the calculator accounts for that amount growing on its own first, then solves for the monthly contribution needed to cover the remaining gap.
What interest rate should I assume?
Use a rate that matches where the money will actually sit — a high-yield savings account, a CD, or an investment account will have very different realistic rates.
