Savings Goal Tracker
Set your savings target, enter your timeline, and calculate the monthly deposits needed to reach your goal.
Goal Parameters
Formula
Worked Example
To reach Rs. 1,000,000 in 36 months, starting with Rs. 100,000 and earning 10% a year, you need to save Rs. 20,707 a month. Your Rs. 100,000 grows to about Rs. 134,818 on its own; in total you put in Rs. 845,452 and the remaining Rs. 154,548 comes from profit.
How to Interpret the Result
The monthly figure assumes the return is earned every month and that you never skip a payment. If your savings earn less, or you start late, the amount rises.
Common Mistakes
Using a high return for a short goal: money you need within a few years usually belongs in low-risk savings. Forgetting that the cost of a goal years away will rise with inflation. Saving for a goal before you have an emergency fund.
Learn the Method
Free lessons that explain the ideas behind this calculator: