Calculate exactly how much you need to save each month to reach a specific financial goal by a target date.
This tool calculates the exact monthly savings amount needed to reach a specific financial goal within a target timeframe, accounting for investment growth.
Using the future value of an annuity formula solved for payment: PMT equals (Goal minus future value of current savings) times rate, divided by ((1+rate) to the power n minus 1).
Enter your savings goal, time available, expected annual return, and any current savings you already have, then click Calculate.
Example: To reach 10 lakh rupees in 5 years at 8% annual return, you would need to save a specific monthly amount, with returns doing part of the work.
What if I can't save the required amount. Consider extending your timeline, increasing expected returns through better investments, or adjusting your goal.
Does this account for inflation. No, this is a nominal calculation; consider using higher goal amounts to account for future inflation.