Online Savings Calculators and Tools

Savings Goal Calculator

Savings Goal Calculator

1. Savings Goal. Instructions
2. Current savings balance.
3. Annual percentage rate (APR).
4. Number of years.
5. Current savings future value (FV).
6. Total savings gap.
7. Monthly deposit required.

Savings Goal Calculator Information

You may have a savings goal in mind, but how do you know how much you need to save to get where you want to go? With this savings goal calculator, you can input your variables and find out exactly how much you need to save at your current APR to earn enough money to pay for the things you need. Whether you’re hoping to buy a house, pay for your child’s college education, or you’re looking to open another retirement account, the savings goal calculator can help you plan ahead.

Simply input the amount you would like to have saved by the end of your savings goal period. Say you’d like to purchase a home, and you’d like to put a down payment of $30,000 on your purchase. If you already have some money saved, input that amount into the “Current savings balance.” line. For this example, let’s assume that you already have $5,000 in savings that you have decided to dedicate to purchasing your new home. The APR should be the percentage you earn on your savings in a savings account, or the APR you can expect to earn through invested money; for example, 5%. Now you’ll need to choose the length of time you need to save for your purchase. Maybe you’d like to be a homeowner five years from now. In this example, the calculator gives you three calculations based on the information you entered:

Current Savings Future Value (FV):

This is the amount that the money you already have saved will be worth when the interest rate you provided is earned. In this example, your $5,000 would grow to $6,381.41 if kept in an account earning 5% interest for 5 years.

Total Savings Gap:

This is the amount you will need to save to make up for the deficit between what you have already saved and what you need to save throughout the 5 years to meet your $30,000 goal. In this example, you will need to save an additional $23,618.59.

Monthly Deposit Required:

This is the amount you need to save every month to meet your savings goal in the specified amount of time. In the example, you will need to save $347.30 per month if you’d like to save $30,000 by the end of 5 years and have your money in an account earning 5% annually with $5,000 already saved.

This savings goal calculator is a very basic calculator that shows you how much you will need to save provided there are no variables in the way interest is earned on your bank account. Be sure that you are familiar with your bank or financial institution’s calculation methods before using the calculations made via the savings goal calculator.

If you’d like to specifically know how much interest you’re earning on your savings or investments, use the savings interest calculator or the compound interest calculator.

If you are saving especially for your retirement, you can use the retirement savings calculator to determine how much you’ll need to save to retire comfortably.

The above calculators are to be used as a general guide for your savings goals. Consult with a professional at your bank or financial institution to discuss the exact method of savings and interest calculations, and to determine how you can reach your savings goals.