Savings Goal Calculator
We know that saving means we have certain goals, such as retirement, a home or a big purchase, which require consistent contributions over time. This savings goal calculator helps you calculate how much you need to save each period to reach your financial goal.
So, by entering detail, such as your target savings amount, initial investment, interest rate, and time period, you can get a clear idea of what you will earn from your contributions.
So, when you are planning for long-term savings, this calculator will help you understand how much you will accumulate through regular deposits. You can view the balance year-on-year, giving you clear data and growth projections in charts.
Savings Goal Result
You need to save $77156.86 per month to reach your goal of $20000000. The total savings after 15 years will be $20998960.54.
| Year | Balance ($) |
|---|---|
| 1 | $982676.45 |
| 2 | $2003986.71 |
| 3 | $3076362.50 |
| 4 | $4202357.07 |
| 5 | $5384651.36 |
| 6 | $6626060.38 |
| 7 | $7929539.84 |
| 8 | $9298193.28 |
| 9 | $10735279.39 |
| 10 | $12244219.81 |
| 11 | $13828607.24 |
| 12 | $15492214.05 |
| 13 | $17239001.20 |
| 14 | $19073127.70 |
| 15 | $20998960.54 |
What is a Savings Goal Calculator?
The savings goal calculator helps you figure out how much you need to save on a regular basis to meet your specific financial goal within a given period.
This is based on your initial investment, annual interest rate, savings period, and compounding frequency, you can choose yearly, monthly, weekly, or daily.
Therefore, this tool is valuable for personal financial planning, you can set future savings goals. For example, if you aim to save $2,000,000 in 15 years, the calculator shows that a monthly deposit of about $4,734.58 will get you there, according to the assumed annual interest rate.
How to Use the Savings Goal Calculator?
To use this calculator follow the steps below:
- Enter Your Savings Goal: Input the amount you aim to accumulate.
- Specify the Initial Investment: Indicate any upfront deposit you can start with.
- Choose Your Savings Term: Enter the number of years you’ll be contributing to the goal.
- Set the Interest Rate: Input the expected annual interest rate. This helps project growth based on your savings vehicle.
- Select Compounding Frequency: Choose between annual, monthly, weekly, or daily compounding to see how different compounding intervals affect growth.
Click "Calculate" to see your required contribution. The results will display the total amount saved over time, broken down in a table by year and presented in a growth chart.
