Calcvers
Savings Goal Calculator
Savings & Investing
Generated
September 24, 2026
Required monthly contribution
$360.41/mo
To reach $30,000 in 5 years
Your inputs
- Currency
- USD ($)
- Savings goal
- 30,000
- Current savings
- 5,000
- Time to reach it
- 5 years
- Annual interest rate
- 4 %
Breakdown
- Goal
- $30,000
- You'll contribute
- $26,625
- Interest earned
- $3,375.22
How the goal is funded
| Item | Value |
|---|---|
| Your contributions | $26,625 |
| Interest | $3,375.22 |
What this means
This works backwards from your target: it grows your current savings at the expected rate, then calculates the fixed monthly amount needed to cover the rest by your deadline. Interest does some of the work, so the more time (and the higher the rate), the less you need to set aside each month.
Recommendations
- Automate the monthly transfer on payday so saving happens before you can spend it.
- Keep goal money in a high-yield savings account or money-market fund to actually earn the rate.
- If the monthly figure is too high, extend the timeline or trim the goal rather than abandoning it.
Watch out
- For short-term goals, don't chase high returns with risky investments — a market dip could arrive right before your deadline.
- Rates on savings accounts change; revisit the plan if yours moves a lot.