Savings Goal Calculator
Calculate how much you need to save monthly to reach your financial goal.
Your Goal
You need to save
per month
Summary
To reach ₹ 100,000 in 5 years, starting with ₹ 10,000 at an annual return of 6%.
What is a Savings Goal Calculator?
The Savings Goal Calculator is a reverse-engineering financial tool. Instead of asking 'how much will I have in 10 years?', it asks 'how much do I need to save monthly to reach $100,000 in 10 years?'. It bridges the gap between your financial dreams and the daily discipline required to achieve them.
Most people save money randomly without a specific target, which often leads to falling short of big life milestones. Whether you are planning for a wedding, a down payment on a house, a dream vacation, or early retirement, knowing your 'required monthly savings' is the first step to success.
This calculator takes into account your 'Current Savings' (the head start), the 'Total Target Amount' (the finish line), the 'Time Horizon' (deadline), and importantly, the 'Expected Interest Rate'. It uses the Future Value of Annuity formula in reverse to solve for the monthly payment (PMT). It explicitly accounts for the compounding interest you will earn on your savings during the journey, often revealing that you need to save less than you thought because interest does some of the heavy lifting.
The result is a clear, actionable number: 'Save $X per month'. This transforms a vague 5-year plan into a concrete monthly checklist item.
1How to Use
- Target Amount: Enter the total cost of your goal (e.g., $50,000 for a car).
- Current Savings: Enter how much you have already saved towards this goal (can be 0).
- Time to Goal: Use the slider to set how many years you have until the deadline.
- Return Rate: Input the estimated annual interest rate you expect to earn on your savings (e.g., 4% for High Yield Savings, 8% for investments).
- Analyze Requirement: Look at the large purple card to see exactly how much you must save every month.
- Review Summary: Check the text summary to verify your inputs and see if the goal is realistic.
★Key Features
- Reverse Calculation Logic: Solves for the monthly contribution needed, not the final value.
- Interest-Aware: accounts for the growth of both your initial lump sum and monthly additions.
- Gap Analysis: Instantly calculates the shortfall between your current assets and future needs.
- Visual Motivation: Large, clear call-to-action display for your monthly target.
- Realistic Planning: Helps you adjust your timeline if the monthly requirement is too high.