If you’re got a savings goal in mind, you can use this Savings Goal Calculator to find out how much you need to save each month to get there. The calculator requires you enter the number of years you have to save and an assumed interest or return rate you can achieve.
What is a Savings Goal Calculator?
A Savings Goal Calculator helps you figure out how much time and money you’ll need to save in order to achieve your financial goals. Wondering how much you’ll need to save to have a down payment for a home in five years? Curious how much you’ll need to save in order to pay for your daughter’s college tuition in 15 years? This Calculator can help you estimate how much you’ll need to save and how much you’ll need to earn in order to reach your goal.
How does it work?
This calculator has been designed to be easy to use. All you need to enter is the amount of your savings goal, the amount of time you have to reach that goal, and the rate of return you expect to earn on your investments. You can also enter the amount you’ve already saved up.
Once you’ve entered all your information, the savings goal calculator will give you an estimate of exactly how much you’ll need to save each month in order to reach your financial goal.
What are the limitations of the Savings Goal Calculator?
This calculator also only gives you a calculation based on one set percentage return. Most of us don’t expect to earn exactly the same rate of return on our investments over time. If you want to see how different rates of return affect the amount you’ll need to save each month, you might want to use a different calculator.
If you want to see how much you can save each month if you change the amount you’re saving, you’ll need to find a calculator that allows you to enter both the amount you’re saving and the changing amount you’re investing.