# Savings Goal Calculator

- **URL:** https://codeasystem.com/calculators/finance/savings-goal-calculator/
- **Category:** finance
- **Description:** Find the monthly saving needed to reach a target amount by a deadline, accounting for growth on what you already have.
- **Primary output:** Required monthly saving: $663.61

## Inputs
- Savings goal (name: `target`, type: number, prefix: $, example: 50000)
- Already saved (name: `current`, type: number, prefix: $, example: 5000)
- Expected annual return (name: `rate`, type: number, example: 4)
- Time to goal (name: `years`, type: number, example: 5)

## Outputs
- Required monthly saving: $663.61
- You need to save in total: $45,000.00
- Projected growth on current savings: $1,083.26

## Formula / methodology
```
PMT = (Goal − Current·(1+i)^n) / (((1+i)^n − 1) / i),  i = monthly rate
```

We first grow your current savings forward at the expected return. Whatever gap remains to the goal must come from new monthly deposits, sized with the future-value-of-an-annuity formula using the effective monthly rate.

## Assumptions & limitations
- Return compounds monthly at a constant average rate.
- Contributions are equal every month, deposited at month-end.
- You make no withdrawals along the way.

## Example
To turn $5,000 already saved into $50,000 within five years at a 4% average return, you need to deposit $663.61 per month.

Result for these inputs:

```
Required monthly saving: $663.61
```

## About this calculator
### Choosing a realistic return

High-yield savings accounts might earn 3–5% today; diversified stock portfolios have historically averaged around 7% after inflation over long periods but swing widely year to year. For goals under three years, prefer conservative assumptions.

### Shortening the timeline

If the required monthly amount looks impossible, the levers are: extend the deadline, lower the target, or increase your starting amount. The relationship is non-linear; small deadline extensions can cut the monthly figure sharply.

## FAQs
### What if my account pays no interest?

Enter 0%. The calculator then simply divides the gap across your months.

### Can I hit the goal without saving anything?

If existing savings plus growth already reach the target, the result shows $0 needed and confirms you are on track.

### Does it handle irregular deposits?

No; it assumes level monthly deposits. For windfalls, add them to “already saved” as a simplification.

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- [Compound Interest Calculator](https://codeasystem.com/calculators/finance/compound-interest-calculator/)
- [Emergency Fund Calculator](https://codeasystem.com/calculators/finance/emergency-fund-calculator/)
- [Rule of 72 Calculator](https://codeasystem.com/calculators/finance/rule-of-72-calculator/)

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Last updated: 2026-08-23 · Version: 1.0.0 · [HTML version](https://codeasystem.com/calculators/finance/savings-goal-calculator/)