Savings & Growth

Goal Savings Calculator

Set a savings target and work out the plan to reach it. Either find how much you need to save each month in the time you have, or find how long your monthly saving will take — with the return you assume counted along the way.

No live data. Every rate, price, and percentage on this page is entered by you. Nothing is fetched from a bank, a market, or a government source, and no figure here is presented as a live or official rate.

Your result will appear here.

Enter your details to see your result.

You will see your answer with the figures shown, so you can check it.

How it works

Choose what to work out: how much per month, or how long it will take.
Enter the target amount, what you have saved already, and the annual return you assume.
Enter the time you have (for the monthly figure) or the amount you can save each month (for the time figure). You see the answer, plus what your current savings grow to and the shortfall your saving must cover.

Contributions are treated as added at the end of each month and earn the assumed return from then on, monthly compounding. If your current savings already cover the target, the answer is zero — no monthly saving is needed. The Budget Planner can help you find room for the monthly saving.

Formula

Monthly saving = Shortfall × monthly rate ÷ ((1 + monthly rate)^months − 1), where the shortfall is the target minus the grown value of current savings, and the monthly rate is the annual return ÷ 12.

Months to reach the goal = log((target + monthly saving ÷ monthly rate) ÷ (current savings + monthly saving ÷ monthly rate)) ÷ log(1 + monthly rate), rounded up to whole months.

With a 0% return, the monthly saving is simply the shortfall divided by the months, and the months are the shortfall divided by the monthly saving.

Worked example

Example 1: Target Rs 1,000,000, current savings Rs 100,000, return 10% a year, 60 months available. Current savings grow to Rs 164,530.89, leaving a shortfall of Rs 835,469.11, so you need to save Rs 10,789.01 a month.

Example 2: The same target and savings, saving Rs 10,000 a month at 10% a year, take 64 months (5 years and 4 months) to reach.

Frequently asked questions

How much should I save each month for my goal?

It depends on the target, what you have already, the return you assume, and the time you have. Enter those figures in the 'How much per month?' mode — for example, a Rs 1,000,000 target with Rs 100,000 saved, at 10% over 60 months, needs Rs 10,789.01 a month.

How long will it take to reach my goal?

Use the 'How long will it take?' mode with the amount you can save each month. The same example at Rs 10,000 a month takes 64 months, or 5 years and 4 months.

What if my current savings already cover the target?

Then no monthly saving is needed. The calculator says the goal is already reached, or that Rs 0 per month is required, depending on the mode.

What return should I assume?

Enter a return you are comfortable assuming, and try a lower one too. The return is never guaranteed, and a lower return means you must save more or take longer.

Are contributions added at the start or end of the month?

At the end of each month, so they earn a return from the following month. This matches the compounding convention used on the Compound Interest Calculator.

Still have a question? Contact us.

Important — please read

Results are illustrations based on the return you assume. The return is your assumption, not a forecast and not a promised rate, and charges and tax are not included. If the return is lower than assumed, you will need to save more or take longer. This is not investment advice.

Read the full Terms & Disclaimer.