Savings Goal Calculator

2 min

Find the contribution needed to reach your savings goal on time.

GlobalNo account required

To get there in 5 years, save

$456/ month

That is $456 a month. Your $8,000 today grows to $9,768 on its own, leaving $30,232 to cover.

$400 per month arrives late

At that rate the goal arrives in 68 months.

That is about 8 months past your target date.

Path to the goal

BalanceGoal

$40K$20K$0K

NowYear 1Year 3Year 4Year 5

Where the money comes from

$40,000

Already saved$8,00020%
You still contribute$27,36068%
Growth$4,64012%

The two ways to ask this

To hit 5 years$456 / month

At $400 / month68 months

Reality check

Over this horizon a market-linked return is reasonable, but the balance will not climb in a straight line.

Goal$40,000

Saved today$8,000

Growth does the rest$4,640

Estimates are based on the information and assumptions you provide and are for educational purposes only. This is not financial, tax, legal or lending advice.

What this means

$8,000 today grows to $9,768, leaving $30,232 for your contributions to cover.
Saving $400 per month instead reaches the goal in 68 months.
Money you need within a couple of years usually belongs somewhere safe. A return assumption only makes sense for goals far enough out to ride out a bad year.

See how compounding drives this

Assumptions & methodology

Returns are constant and reinvested, with no fees or tax.
No withdrawals are made before the target date.
The goal is in today's dollars and is not adjusted for inflation.

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