Calculate the monthly savings for your goal
A savings goal becomes easier to relate to when it is turned into an amount per month. Enter how much you want to end up with, how much you already have, and when the money should be ready.
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The calculator finds the fixed monthly deposit that matches the goal. Any annual return is included as an assumption you can change yourself.
From target amount to monthly deposit
Without interest, the calculation is simple: monthly savings = (target amount − starting amount) / number of months.
If you want 60,000 in three years and start from zero, you need to set aside about 1,666.67 every month. If you already have 24,000, the required deposit falls to 1,000.
Example with a return over 20 years
With 100,000 at the start, a target of 1,000,000 and 20 years of saving, about 1,207.86 per month is required at an effective annual return of 7%. The example uses deposits at the end of the month and ignores tax and costs.
Also try a lower return
Try lowering the return percentage and see how the deposit changes. It gives a concrete picture of how much the plan depends on the return and how much comes from your own budget.
A future target amount is stated in future money. If the money is meant for a specific purchase, price increases can change what you need. The real return calculator shows the difference between an amount in the account and its purchasing power.
If the calculated growth of the starting capital already reaches the goal, the required deposit is shown as zero.