FinCalc Smart.PRO

Savings Goal Calculator

Find out if you are on track to reach your savings goal — and how much you may need to save each month to get there.

Goal projection · Required monthly · Canada & USA

Savings Goal

Goal Details

$
$
$
%
yr

Projected Savings in 5 Years

$40,420

of $25,000 goal · 100% reached

Projected Surplus+$15,420
Required Monthly$273/mo
Time to Goal3 yr
Total Contributions$35,000
Estimated Growth+$5,420

See your Goal Readiness Score, growth timeline, and contribution gap.

Goal breakdown

Goal Funding Breakdown

$40,420projected
Goal Amount
62%$25,000
Surplus
38%$15,420
Goal Amount$25,000

Savings over time

Savings Growth Timeline

AT YR 5

$40,420

MONTHLY

$500/mo

GOAL

$25,000

Contributions
Growth
Goal
$0
$13k
$25k
$38k
$50k
Goal
$11k
$18k

Goal

$25k

$33k
$40k
Yr 1
Yr 2
Yr 3
Yr 4
Yr 5

FinCalc Smart AI Savings Goal Analysis

Vehicle Goal Readiness
On Track
100/100

You are ahead of your vehicle goal

Projected

$40,420

Goal Amount

$25,000

Surplus

$15,420

Your projected $40,420 meets your vehicle goal of $25,000.

Goal Achieved
+$15,420

projected surplus above your $25,000 goal

on track to reach your goal within 5 years

$40,420
Projected savings
+$5,420
Est. growth

Contribution Pace

Your current contribution of $500/mo is sufficient. Your projected $40,420 exceeds your $25,000 goal by $15,420.

Time Horizon Impact

At your current pace, you are projected to reach your goal in approximately 3 yr. This falls within your 5-year horizon.

Growth vs Savings Mix

Of your projected $40,420, approximately 87% comes from contributions ($35,000) and 13% from estimated growth ($5,420) at 5% annual return.

Disclaimer: Educational estimate only. Results depend on return assumptions, contribution consistency, timing, inflation, fees, taxes, and personal circumstances. This is not financial, investment, tax, or legal advice.

How It Works

Core Projection Formulas

r = Annual Return % ÷ 100 ÷ 12
n = Time Horizon (years) × 12
FV_current = Current Savings × (1 + r)^n
FV_contributions = Monthly Contribution × ((1 + r)^n − 1) ÷ r
Projected Savings = FV_current + FV_contributions

If Annual Return is 0%, the contribution formula simplifies to: Monthly Contribution × n (linear accumulation, no compounding).

Required Monthly Contribution (Reverse PMT)

FV_needed = Savings Goal − FV_current
Required Monthly = FV_needed × r ÷ ((1 + r)^n − 1)
Additional Monthly = max(0, Required Monthly − Current Monthly)

This reverse-solves the monthly contribution (PMT) needed to accumulate the remaining balance by the target date. If Annual Return is 0%, it simplifies to FV_needed ÷ n.

Output Reference

OutputHow it is calculated
Projected SavingsFV of current savings + FV of monthly contributions at target date
Total ContributionsCurrent savings + (monthly contribution × months)
Estimated GrowthProjected savings − total contributions
Goal Gapmax(0, savings goal − projected savings)
Progress %Projected savings ÷ savings goal × 100
Required MonthlyReverse PMT — monthly contribution needed to reach goal by target date
Additional Monthly Neededmax(0, required monthly − current monthly contribution)
Time to GoalMonth-by-month solve until projected balance reaches goal (cap 600 mo)

Assumptions

  • Monthly compounding — growth is applied each month at r = annual rate ÷ 12.
  • Consistent contributions — the same amount is contributed at the end of each month throughout the horizon.
  • No taxes or fees — results are pre-tax estimates and exclude account fees, MERs, or withholding taxes.
  • No inflation adjustment — the goal amount and contributions are expressed in today's dollars.
  • Educational only — this is an illustrative estimate and does not constitute financial, investment, tax, or legal advice.

Frequently Asked Questions

Educational estimate only. Results depend on return assumptions, contribution consistency, timing, inflation, fees, taxes, and personal circumstances. This is not financial, investment, tax, or legal advice.