Savings Goal Calculator
The monthly amount you need to set aside to hit a target by your deadline.
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Working backwards from the goal
Most savings calculators start with what you can save and tell you where you will end up. This one runs in the opposite direction: you name the target and the deadline, and it tells you the monthly amount required. That framing is more useful when the goal is fixed — a deposit on a house, a wedding, a car, tuition due in a known year.
It accounts for two sources of progress: the money you add each month, and the growth on both your existing savings and your new contributions.
The formula
Your current savings grow on their own to a future value:
F = C × (1 + i)n
The gap between the goal and that figure has to come from monthly contributions, which form an annuity. Rearranging the annuity formula for the payment gives:
P = (Goal − F) × i / ((1 + i)n − 1)
Where i is the monthly rate and n the number of months. The calculator also converts the result to a weekly figure, which many people find easier to act on than a monthly one.
A worked example
Suppose you want 10,00,000 in five years, you already have 1,00,000 saved, and you expect 7% on your savings. Your existing 1,00,000 grows to about 1,41,800 over the period, leaving roughly 8,58,200 to come from contributions. The required monthly saving is approximately 11,990 — about 2,770 a week.
If that figure is out of reach, you have exactly three levers, and it is worth testing each: extend the deadline, lower the goal, or find a higher return. Extending from five years to seven drops the requirement to around 7,730 a month. Note that chasing a higher return is the least reliable lever, because it is the only one not under your control.
Choosing a realistic return rate
Match the rate to the timeline, not to your ambitions. For a goal within two years, use a savings account or short-term deposit rate of 4–7% — money you need soon should not be exposed to market swings. For three to five years, a conservative hybrid or debt fund at 7–9% is reasonable. Only for goals beyond seven years does an equity-linked assumption of 10–12% make sense, and even then the closer you get to the deadline the more you should be shifting toward safety.
A goal fund that drops 30% eighteen months before the deadline is a genuine problem with no good solution. This is the mistake worth avoiding above all others.
Making the plan hold
Automate the transfer for the day after your salary arrives, so saving happens before spending rather than from what is left. Keep goal money in a separate account from your everyday balance — the friction of moving it back is doing real work. And re-run this calculator once a year with your actual balance rather than trusting a projection made three years ago; if you have fallen behind, discovering it early leaves room to correct.
Frequently asked questions
What return rate should I assume for a savings goal?
Match it to your timeline. Under two years: 4–7% from a savings account or short-term deposit. Three to five years: 7–9% from conservative debt or hybrid funds. Beyond seven years: 10–12% is defensible with an equity component. Never use an equity assumption for a short-dated goal.
What if the required monthly amount is too high?
You have three levers: extend the deadline, reduce the goal, or accept a higher-risk higher-return assumption. The first two are within your control; the third is not, which makes it the least reliable way to close the gap.
Should I keep goal savings separate from my main account?
Yes. Money kept in your everyday account tends to be spent. A separate account, ideally one without a linked debit card, adds just enough friction to protect the balance.
Does this account for inflation?
No — it targets the nominal figure you enter. If your goal is a purchase five years out, the item will likely cost more by then. Run your target through the inflation calculator and set the goal at the inflated figure instead.
How often should I revisit the plan?
Once a year, using your actual balance rather than the original projection. Annual reviews catch shortfalls while there is still time to adjust the monthly amount.