Savings Goal Calculator
Figure out the monthly contribution you need to hit a savings target — for a house, wedding, car, or emergency fund.
How to use this calculator
Enter your goal amount, any starting balance, how many years you have, and a realistic return rate. The calculator solves for the monthly contribution that gets you to the goal. If you already have enough (balance + growth covers the goal), the required contribution is $0.
Why the starting balance matters so much
A $5,000 head start compounded over 15 years at 7% becomes ~$13,800 on its own — before you've saved another dollar. That means your monthly contribution requirement drops noticeably. Every windfall (tax refund, bonus, cash gift) dropped into the starting balance is worth significantly more than the same amount dripped in monthly.
Picking a realistic rate of return
This is the lever people get wrong most often. For goals within 5 years, use 3-5% (high-yield savings, short-term CDs). For goals 5-15 years, use 5-7% (balanced portfolio). For goals 15+ years, 7-8% is defensible but not guaranteed. Err on the low side — if you undershoot your return assumption, you end up with more than you need, which is a good problem to have.
What to do when life disrupts the plan
Goals span years, and life rarely goes to plan. If you miss a few months of contributions, recalculate with the new starting balance and remaining years. If your goal changes, recalculate with the new target. The one thing that consistently beats every optimization: contribute automatically on payday, before the money touches your checking account.
Common goal benchmarks
Wedding: average US wedding ~$30,000 (skew lower in smaller cities). House down payment: 3-20% of home price — $15,000 to $100,000+ for a typical US market. Emergency fund: 3-6 months of expenses, typically $10,000-$30,000. New car (cash): $15,000 used, $35,000+ new. Set a number, set a date, let compounding do the rest.
Frequently asked questions
Where should I keep short-term savings goals?▾
For goals within 5 years, stick with high-yield savings accounts (HYSAs) or short-term CDs currently yielding 4-5%. Don't put it in stocks — the volatility can wipe out a year of growth right before you need the money. For goals 5-10 years out, a conservative balanced portfolio (40% stocks / 60% bonds) is reasonable.
Is 5% a realistic rate to plan for?▾
It depends on where you keep the money. High-yield savings accounts currently yield 4-5%. Bond-heavy portfolios: 4-6%. Stock-heavy portfolios average 7-10% nominally but with significant volatility — don't plan on hitting that every year. For a 5-year goal, 4-5% is realistic; for 20+ years, 7% is defensible.
What if I can't afford the required monthly amount?▾
Three options: extend the timeline, lower the goal, or increase the starting balance (tax refund, bonus, side income). Don't overextend monthly contributions and burn out — consistency over 10 years matters more than an aggressive first 3 months.
Should I prioritize this goal or retirement?▾
If your employer offers a 401(k) match, take the match first — it's 50-100% instant return. After that, cover 3-6 months of expenses in an emergency fund. THEN work on goals like a house down payment, wedding, or car. Most people's order: match, emergency fund, high-interest debt, goal, more retirement.
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