About the Savings Goal Calculator
This works out how long it will take to reach a savings target, given what you have now, how much you add each month, and the return you expect to earn. It's ideal for planning toward a house deposit, an emergency fund, a holiday, a car, or any goal — showing whether your current plan gets you there in a reasonable time, and how much of the final amount comes from your contributions versus investment returns.
How it works
It models a starting balance that grows each month with your contribution and a monthly return, and solves for the number of months to reach the target. With a monthly rate i (annual return ÷ 12), it finds the month count from the future-value relationship balance × (1+i)ᵐ + contribution × ((1+i)ᵐ − 1) ÷ i = target. If the expected return is zero, it's simply (target − current) ÷ monthly contribution. The result is shown in years and months, split into how much you contribute and how much comes from returns.
Assumptions and behaviour
- Contributions are monthly and constant; the return is a fixed annual rate compounded monthly.
- Contributions are treated as added at the end of each month.
- If you've already reached the target, it says so.
- The time is rounded up to the next whole month, since you reach the goal partway through the final month.
Limitations
- It assumes a steady return. Real investment returns vary and can be negative in some years; a fixed rate is an estimate, not a guarantee — be conservative for volatile investments.
- With no return and no monthly contribution, the goal is never reached, and the tool says so.
- It doesn't account for tax on returns, inflation, or fees, which reduce real progress; consider raising the target to keep pace with inflation.
- Contributions are assumed constant — it doesn't model increasing your savings over time.
Privacy
The calculation runs entirely in your browser. Nothing is uploaded or stored.
Get FreeMyTask as an app