Savings Goal Calculator
Find out how long it will take to reach a savings goal at your current pace — and how much to set aside each month to hit it by a target date.
Default 2.11% is the Singapore Savings Bonds 10-year average (a low-risk benchmark). Use ~7% for a diversified equity portfolio — both are editable assumptions, not guarantees.
Used to work out the monthly amount needed to hit your goal in time.
Time to reach your goal at this pace
3 years 7 months
Saving $1,000/month at 2.11% p.a.
To reach it in 5 years, save
$703/mo
Projected after 5 years
$68,777
Surplus vs goal
$18,777
Estimates only. Assumes a constant return compounded monthly and contributions made at the end of each month; actual savings outcomes vary and returns may be negative.
| Year | Contributions | Growth | Balance |
|---|---|---|---|
| 0 | $5,000 | $0 | $5,000 |
| 1 | $17,000 | $223 | $17,223 |
| 2 | $29,000 | $707 | $29,707 |
| 3 | $41,000 | $1,457 | $42,457 |
| 4 | $53,000 | $2,478 | $55,478 |
| 5 | $65,000 | $3,777 | $68,777 |
Planning your savings goal
Whether you are building a deposit for a home, a wedding fund or a travel budget, two questions matter: when will you get there at your current pace, and what would it take to reach the goal by a chosen date? This calculator answers both, factoring in money you have already saved and a return on your balance while it grows.
Enter your goal, your current savings, the amount you can add each month and an expected annual return. The result shows your time to goal at the current pace, the projected balance at your target date, and the monthly contribution needed to close any gap in time.
Tips for using the results
Treat the return rate as an assumption rather than a promise — the 2.11% default reflects a low-risk benchmark (Singapore Savings Bonds), while invested savings may earn more and carry more risk. For a real, inflation-adjusted view, reduce the rate by your inflation expectation. To keep an emergency buffer separate from your goal, see our emergency fund calculator; to project longer-term investing, try the compound interest calculator.
Frequently asked questions
How does this calculator work out the time to reach my goal?
It simulates your savings month by month: each month your balance earns one-twelfth of the annual return and your monthly contribution is added. It counts the months until the balance first reaches your goal, then shows that as years and months.
How is the required monthly contribution calculated?
It inverts the future-value-of-an-annuity formula. Given your goal, current savings, expected return and target timeframe, it solves for the end-of-month contribution PMT in FV = P(1 + i)ⁿ + PMT × ((1 + i)ⁿ − 1) ÷ i, where i is the monthly rate and n the number of months.
What return rate should I assume?
The 2.11% default is the latest Singapore Savings Bonds 10-year average return — a useful low-risk benchmark for cash-like savings. If you plan to invest your savings, a diversified global equity portfolio has historically returned around 7% a year over the long run. Returns are never guaranteed, so treat the rate as an editable assumption.
Does the result account for inflation?
No — the figures are nominal. If your goal will be spent years from now, its real cost may be higher. To see your goal in today’s spending power, reduce your return rate by an inflation assumption (around 2% a year for Singapore) before entering it.