Free Tool

Savings Goal Calculator

Plan how much to save monthly to reach your financial goals. Visualize your path to success.

Set Your Goal

Currency

Target Savings Goal

₹

Current Savings (Starting Amount)

₹

Time to Achieve Goal

Expected Annual Return8%

Set to 0% if saving without investments, or higher for investment accounts

Monthly Savings Required

₹11,582

Save this amount every month to reach your goal of ₹10.00 L in 5 years.

Savings Summary

Target Amount

₹10.00 L

Total Deposits

₹7.95 L

Interest Earned

₹2.05 L

Starting Amount

₹1.00 L

Current Progress

Current Savings₹1.00 L

10.0%

Goal₹10.00 L

Goal Breakdown

₹10.00 L

Goal

Current Savings

Future Deposits

Interest Earned

Savings Growth Over Time

Year 0

₹1.00 L

Year 0

₹1.37 L

Year 1

₹1.75 L

Year 1

₹2.13 L

Year 1

₹2.52 L

Year 1

₹2.93 L

Year 2

₹3.33 L

Year 2

₹3.75 L

Year 2

₹4.18 L

Year 2

₹4.61 L

Year 3

₹5.05 L

Year 3

₹5.50 L

Year 3

₹5.97 L

Year 3

₹6.43 L

Year 4

₹6.91 L

Year 4

₹7.40 L

Year 4

₹7.90 L

Year 4

₹8.41 L

Year 5

₹8.93 L

Year 5

₹9.46 L

Year 5

₹10.00 L

Goal: ₹10.00 L

Savings Goal Formula

PMT = (FV - PV(1+r)^n) * r / ((1+r)^n - 1)

PMT: Monthly payment (savings) required
FV: Future Value (your savings goal: ₹10.00 L)
PV: Present Value (current savings: ₹1.00 L)
r: Monthly interest rate (0.667%)
n: Number of months (60)

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Guide to Setting Savings Goals

Why Set Savings Goals?

Setting clear savings goals is the foundation of financial success. Whether you're saving for a down payment on a house, building an emergency fund, planning a dream vacation, or preparing for retirement, having a specific target amount and timeline helps you stay motivated and track your progress. Goals transform vague intentions into actionable plans.

SMART Savings Goals

Specific

Define exactly what you're saving for

Measurable

Set a concrete target amount

Achievable

Ensure the goal is realistic

Relevant

Align with your priorities

Time-bound

Set a deadline to achieve it

Tips for Reaching Your Savings Goal

1.Automate your savings - Set up automatic transfers to your savings account on payday
2.Start with your current savings - Even a small head start makes a difference due to compound interest
3.Consider high-yield accounts - Earn more interest while maintaining liquidity
4.Track your progress - Regular check-ins keep you motivated and on track
5.Adjust as needed - Life changes; don't be afraid to modify your timeline or monthly amount

Common Savings Goals

Emergency Fund

3-6 months of expenses for unexpected events

Home Down Payment

Typically 10-20% of home value

Vehicle Purchase

Save for a car to avoid or reduce loans

Education Fund

For yourself or your children's future

Wedding

Plan ahead for this major life event

Dream Vacation

Travel the world without debt