Monthly Savings Target Calculator
Find the monthly amount you must save to hit a goal on time.
Recent
Formula
How the calculation works
Your current savings keep growing at the return rate, so their future value covers part of the goal on its own.
What remains is the gap the monthly deposits must fill, and the annuity formula turns that gap into a fixed monthly amount.
The interest earned is the goal minus your starting savings and everything you deposited, which shows how hard the money worked.
Common mistakes
- Using the monthly return instead of the annual one, which inflates the interest and understates the deposit needed.
- Forgetting that returns are not guaranteed, so a target built on a high rate can fall short in a bad year.
When to use it
- Use it at the start of a savings plan to set a monthly figure you can commit to.
- It is not a guarantee of returns; treat the result as a plan that needs reviewing each year.
Worked example
To reach 1,000,000 in 60 months with 100,000 saved at 8%, save 11,582 a month.
Common questions
Why is the monthly figure lower when I already have savings?
Your existing savings keep earning and grow, so they cover part of the goal.
What if I cannot save that much?
Extend the timeline or lower the target; both reduce the monthly amount.
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