Savings Goal Calculator
Plan how much to save monthly to achieve your financial goals
Your Savings Goal
Tips for Reaching Your Goal
- Set up automatic transfers to your savings account
- Review your progress quarterly and adjust if needed
- Consider increasing contributions with income growth
- Look for ways to reduce expenses and save more
Your Savings Plan
To reach your goal of
₹5,00,000 for a New Car
Monthly Savings Needed
₹6,903
Total Contributions
₹4,14,180
Interest Earned
₹85,820
Initial Amount
₹50,000
Yearly Progress
| Year | Total Saved | Interest | Progress |
|---|---|---|---|
| 1 | ₹1,32,836 | ₹4,836 | 26.6% |
| 2 | ₹2,20,299 | ₹15,299 | 44.1% |
| 3 | ₹3,12,679 | ₹30,679 | 62.5% |
| 4 | ₹4,10,384 | ₹50,384 | 82.1% |
| 5 | ₹5,00,000 | ₹85,820 | 100% |
Strategies to Reach Your Goal Faster
Increase Monthly Contributions
Even a small increase in your monthly savings can significantly reduce the time needed to reach your goal.
Boost Your Returns
Consider slightly higher-risk investments for potentially better returns if your time horizon allows.
Save Windfalls
Put tax refunds, bonuses, or gifts directly toward your goal to accelerate your progress.
Reduce Expenses
Identify areas where you can cut back spending and redirect those funds to your savings goal.
Savings Goal Calculator — Description & Usage
What Is This Tool?
The Savings Goal Calculator helps users plan their savings to achieve specific financial goals, such as buying a car, home, or funding education. By entering your goal amount, current savings, monthly contributions, and expected interest rate, you can determine how long it will take to reach your target.
- Estimate the time required to reach your savings goal.
- Plan monthly contributions effectively.
- Incorporates expected interest to optimize your savings plan.
Why Use the Savings Goal Calculator?
Visualize your savings journey and track progress toward your financial goals.
Determine optimal monthly contributions and leverage interest for faster growth.
How to Use This Tool (Step-by-Step)
- Enter your savings goal — the total amount you want to save.
- Enter current savings — the amount you already have saved.
- Enter monthly contribution — the amount you plan to save each month.
- Enter expected interest rate — if applicable, the annual growth on your savings.
- Click Calculate — the tool will show how long it will take to reach your goal and the total amount accumulated over time.
Pro Tips for Best Results
- Start saving early to take advantage of compounding interest.
- Review your contributions periodically and adjust if necessary.
- Use realistic interest rates for accurate planning.
- Track your progress regularly to stay motivated and on target.
Use the Savings Goal Calculator to plan your finances effectively and achieve your goals on time!