Awesome Toolkit

Savings Goal Calculator

Find out how long to reach a savings target, or how much to save per month to reach it on time.

What do you want to calculate?

How to use the Savings Goal Calculator

  1. Choose what you want to find: how long to save, or how much per month.
  2. Enter your goal, current savings, annual interest rate, and the known variable.
  3. Click Calculate.

How savings are calculated

The calculator uses the future value formula for a growing annuity: FV = PV(1+r)ⁿ + PMT[(1+r)ⁿ − 1] / r where r is the monthly rate, n is months, PV is initial amount, and PMT is monthly contribution. To find the monthly contribution or the number of months needed, the formula is solved algebraically.