Savings Goal Calculator
Calculate how much you need to save regularly to reach your financial goals
Savings Details
Calculate Future Value
Calculate Monthly Deposit
Savings Summary
Initial Amount:
$1,000.00
Monthly Deposit:
$100.00
Total Contributions:
$13,000.00
Total Interest:
$3,147.62
Final Balance:
$17,147.62
Growth Over Time
Yearly Breakdown
Showing years 1-10
| Year | Initial Balance | Contributions | Interest | Total Balance |
|---|
About Savings Goals
A savings goal calculator helps you determine how much you need to save regularly to reach a specific financial target, or how much your regular savings will grow over time with compound interest.
The formula for calculating the future value of regular deposits is:
FV = P × ((1 + r/n)nt - 1) × (n/r) + PV × (1 + r/n)nt
Where:
- FV = the future value of the investment
- P = the regular deposit amount
- PV = the present value or initial amount
- r = the annual interest rate (decimal)
- n = the number of times that interest is compounded per year
- t = the number of years
To calculate the required monthly deposit to reach a specific goal, the formula is rearranged to solve for P:
P = (FV - PV × (1 + r/n)nt) / (((1 + r/n)nt - 1) × (n/r))
Setting clear savings goals and understanding the math behind compound interest can help you make informed decisions about your financial future.