Find how much to save each month to hit a target by a date. Enter the goal, current savings, timeframe, and expected return.
Monthly Savings Needed
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To reach the goal.Usage Tip
Automating the monthly transfer the day you are paid makes the goal far more likely — pay your savings first.
THE MATH
Needed from contributions = goal − current × (1+r)^n
Monthly = needed ÷ (((1+r)^n − 1) ÷ r)
r = monthly return, n = months
Monthly = needed ÷ (((1+r)^n − 1) ÷ r)
r = monthly return, n = months
This finds the level monthly amount that, with your existing savings and expected return, reaches a target by a date.
A higher return or longer timeframe lowers the monthly amount needed.
A higher return or longer timeframe lowers the monthly amount needed.
Returns are not guaranteed; if they fall short you will need to save more or extend the timeframe.
For short-term goals, a low-risk account is safer even if the return is lower.
Inflation may raise the real cost of the goal over long horizons.
For short-term goals, a low-risk account is safer even if the return is lower.
Inflation may raise the real cost of the goal over long horizons.