# Savings Goal Calculator

Created by Tibor Pál, PhD candidate
Reviewed by Dominik Czernia, PhD and Jack Bowater
Last updated: Jan 17, 2024

Try the savings goal calculator to see how much money you need to put aside to reach your savings goal. Thanks to the tool's high specification, you can either set your savings goals by age or set money-saving goals with a specific term or by a certain date. Moreover, you can follow the precise schedule on a savings goal chart or table.

## Retirement savings goals by age — an example

The best way to introduce this savings goal calculator is to go through a hypothetical example.

## How to use the savings goal calculator?

Here's a short set of instructions explaining how to use the calculator:

1. Saving objectives

After setting your savings goal, you can choose three different ways to define the time horizon you need to wait until you reach your target:

• A specific term;
• A specific date; or
• A certain age.

You can also set any savings you start with in this section.

1. Saving conditions
• Interest rate: It is the average annual rate of return or annual nominal interest rate you expect over the time until your savings goal.
• Compounding method: It is the frequency at which interest is added to the principal balance of your savings — or, in other words, how often your earned return or interest is reinvested.
• Inflation rate: The expected average inflation rate in a year.
1. Periodic contribution
• How often will you make a contribution?
• When in the payment period will you make it?
• Growth rate of your contribution: The percentage growth rate of your additional periodic contribution over a year or period.
1. Results

In this section, you can check the main details of your savings plan and check your savings schedule in a table or follow your plan's progress in a savings goal chart.

## Disclaimer

You should consider the savings goal calculator as a model for financial approximation. All payment figures, balances, and interest figures are estimates are based on the data you provided in the specifications that are, despite our best effort, not exhaustive.

For this reason, we created the calculator for instructional purposes only. Still, if you experience a relevant drawback or encounter any inaccuracy, we are always pleased to receive useful feedback and advice.

Tibor Pál, PhD candidate
Saving objectives
$I would like to reach it... at a certain age Your age now Your target age Your starting savings$
Saving conditions
Interest rate or return
%
Compounding method
Monthly
Inflation rate
%
Periodic contribution
How often?
Monthly
When?
End of period
Annual growth rate
%
Periodic growth rate
%
Results
You need to put aside $323.69 each month to reach your savings goal. The sum of your monthly savings will be$128,183.11, with a total return of \$871,816.89.
Display
Chart of balances
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