No. 007 — Finance
Savings Goal Calculator
Find out how much to save each month to reach your goal by a target date.
How this calculator works
This tool works in reverse from a standard compound-growth projection. First it calculates what your current savings alone will grow to by your target date, with monthly compounding at your given rate. Then it solves for the fixed monthly contribution that closes the gap between that number and your goal, accounting for the fact that earlier contributions have longer to earn interest than later ones.
Frequently asked
- How is the required monthly savings amount calculated?
- It projects your current savings forward with interest, then solves for the monthly contribution needed to close the remaining gap to your goal.
- What interest rate should I use for a savings goal?
- Use your account's actual expected rate — around 3-5% for high-yield savings, or closer to 7% for a diversified investment portfolio historically, though returns aren't guaranteed.