🎯 Savings Goal Calculator

Plan Your Savings Goals with Compound Interest

Whether you're saving for retirement, a down payment, college, or any other financial goal, our savings goal calculator helps you determine exactly how much you need to save monthly. The calculator accounts for compound interest, so you'll need to save less than if you simply divided your goal by the number of months.

Common Savings Goals

• Retirement: Calculate monthly savings needed to reach your retirement nest egg
• Down Payment: Plan how much to save monthly for your home purchase (use with our Mortgage Calculator to see total costs)
• College Fund: Determine monthly savings for your child's education
• Emergency Fund: Calculate how long it will take to build your emergency fund
• Major Purchase: Plan for cars, vacations, home improvements, and more

How Our Goal Calculator Works

Simply enter:

• Target Amount: How much money you want to have
• Time Period: How long you have to reach your goal
• Expected Interest Rate: The return you expect on your investments
• Initial Savings: Any money you've already saved

The calculator will show you the required monthly contribution, total contributions needed, and how much interest will help you reach your goal.

Example: Saving for a $100,000 Goal

Scenario: You want $100,000 in 20 years, starting with $5,000, earning 7% annually.

• Required Monthly Savings: ~$200/month
• Total Contributions: $5,000 + ($200 × 12 × 20) = $53,000
• Interest Earned: $47,000 (compound interest does the heavy lifting!)

Without compound interest, you'd need to save $395/month. Compound interest saves you $195/month—that's the power of starting early and letting interest work for you!