We have two calculators to help with your savings goals. One that calculates how much you need to save to reach your goal and one that tells you how long it will take to reach your goal.
How Much You Need to Save Monthly/Annually to Reach Your Goal:
Calculator Help Guide
Inputs
- Savings Goal: The total amount you aim to save. This is the financial target you are working towards.
- Current Savings: The amount you already have saved towards your goal. This is the starting point for the calculation.
- Estimated Rate of Return (%): The annual interest rate or return you expect to earn on your savings. This rate is crucial for calculating how your savings will grow over time.
- Savings Frequency: This determines whether your additional savings are contributed monthly or yearly. It affects the calculation of total savings over time.
- Save for How Long: The amount of time you have to reach your goal.
Outputs
- The amount you need to save per month to reach your goal – If you save this amount each month, you will reach your goal in the time you entered for “Save for How Long”
- The amount you need to save per year to reach your goal – If you save this amount each year, you will reach your goal in the time you entered for “Save for How Long”
The amount you need to save per month to reach your goal:
The amount you need to save per year to reach your goal:
How Long it Will Take to Reach Your Goal:
Calculator Help Guide
Inputs
- Savings Goal: The total amount you aim to save. This is the financial target you are working towards.
- Current Savings: The amount you already have saved towards your goal. This is the starting point for the calculation.
- Estimated Rate of Return (%): The annual interest rate or return you expect to earn on your savings. This rate is crucial for calculating how your savings will grow over time.
- Additional Savings: The amount you plan to save regularly (either monthly or yearly). This input, combined with the frequency of savings, influences how quickly you can reach your savings goal.
- Savings Frequency: This determines whether your additional savings are contributed monthly or yearly. It affects the calculation of total savings over time.
Outputs
- Time To Reach Your Goal: The calculator provides the estimated time required to meet your savings goal in years and months. This output helps in planning and setting realistic expectations for achieving your financial target.
- Total Saved: The total amount you have contributed towards your goal during the time calculated. This does not include the initial savings amount but only the additional savings contributed over time.
- Earnings Growth: The total growth of your savings resulting from the estimated rate of return. This shows the impact of compound interest and how it contributes to reaching your savings goal faster.
- Savings Balance Breakdown: A detailed table showing the monthly breakdown of total contributions, cumulative growth, and the savings balance at the end of each month. This breakdown provides insight into how your savings are expected to grow over time, accounting for both your contributions and the accrued interest or earnings.
Time To Reach Your Goal:
You started with , and contributed an additional . You also had earnings growth of .
