How to Use This Calculator
Set your savings goal, enter what you have saved so far, the time frame, and the expected return rate. The calculator tells you how much to save each month.
Formula
The required monthly savings is calculated by first projecting the growth of current savings, then using the future value of annuity formula to determine the monthly deposit needed to fill the gap.
Examples
Example
Goal: $50,000 in 5 years, starting with $5,000 saved at 5% annual return:
Monthly Savings Needed: $702
Interest Earned: $2,868
Frequently Asked Questions
Where should I keep my savings?
For short-term goals (1-3 years), use a high-yield savings account or CDs. For medium-term (3-5 years), consider a mix of bonds and conservative funds. For long-term (5+ years), a diversified investment portfolio may offer better returns.