Savings goal calculator
Updated
Enter the amount you want to reach, what you have saved and how many years you have. The calculator shows what to put aside each month. The yearly return is your own assumption and can stay at 0.
How it is calculated
With no return: (goal − saved) ÷ months. With a monthly rate r = yearly rate ÷ 12 and n months: (goal − saved × (1 + r)n) × r ÷ ((1 + r)n − 1). The result is never below zero.
A return is an assumption. The figure shows what reaches the goal if that rate held every year, and no investment promises that.
The idea behind it
Questions
Should I enter a return?
Leave it at 0 for money kept in cash. If you enter one, treat the result as a calculation from your assumption.
Does it count inflation?
No. To allow for rising prices, raise the goal amount.
When is each month's amount added?
At the end of each month.