How Much to Save Monthly for Any Goal
Whether you're targeting $100,000, a home down payment, or early retirement, working backward from your goal is more motivating than saving aimlessly. This calculator uses the standard future value of an annuity formula to find exactly how much you need to set aside each month, factoring in compound growth from investing.
Time is your most powerful variable. Saving for $100,000 over 10 years at 7% requires only $579/month — roughly the same goal in half the time (5 years) demands $1,381/month. Starting even one year earlier makes a meaningful difference. If you already have savings, the calculator accounts for that lump sum growing separately and reduces your required monthly amount accordingly.
For the return rate, consider: high-yield savings accounts (4–5%), a balanced index fund portfolio (6–7%), or aggressive equity portfolios (8–10%). Use a conservative rate to ensure you're not relying on best-case returns. For goals 10+ years out, investing the monthly savings in low-cost index funds has historically delivered more than traditional savings accounts.
Frequently Asked Questions
No — this calculator uses a pre-tax return rate. If saving in a taxable account, your actual after-tax return will be lower. Use tax-advantaged accounts (Roth IRA, 401k) where possible to avoid this drag.
If your existing savings already exceed the goal target when grown at your assumed rate, the required monthly amount will be $0. This means you're on track with no additional contributions needed.