Reaching a savings goal
This calculator answers a common question: "how much do I need to put aside each month to hit my target?" It works backwards from your goal, taking into account what you have already saved and the return you expect to earn along the way, and tells you the monthly amount required.
Why the return rate matters
If your savings earn interest or investment returns, that growth does part of the work for you, so the monthly amount you need is lower. For a short timeframe or money you cannot risk, a low rate (like a savings account) is realistic. For longer goals, some people assume a higher rate from investing — but with more risk. Set the rate to 0% to see the amount needed with no growth at all.
Practical tip
Automating the monthly transfer on payday is the single most effective way to hit a savings goal — you are far less likely to spend money you never see in your checking account.