Personal finance
Savings goal
Find the monthly contribution needed to reach a savings target by your deadline.
Your result
Monthly contribution
250
Total contributed10,000
Projected final balance10,000
Rounded for display. See method below.How it works
Let r = annual rate/1200 and n = months. Contribution = max(0, (target − initial × (1+r)ⁿ) × r / ((1+r)ⁿ−1)). At 0% divide the savings gap by n.
What to keep in mind
End-of-month contributions, monthly compounding and constant hypothetical return. No inflation, fees or tax. A target already covered requires no additional contributions.
Worked example
Target balance: 10000; Starting savings: 1000; Months until deadline: 36; Annual nominal return (%): 0.
Monthly contribution: 250 · Total contributed: 10,000 · Projected final balance: 10,000.