Do you want the monthly amount or the time needed?
If you have a time period in mind, choose 1 to 600 months. If you know how much you can contribute each month, use that amount to estimate the time needed. In both cases, only include existing savings dedicated to this goal.
How is it calculated?
Existing savings are subtracted from the target, with a minimum remaining amount of zero. For a chosen period, the remaining amount is divided by months and the contribution rounded up to the nearest cent. For a fixed contribution, the remaining amount is divided by it and rounded up to whole months.
Example of a savings goal
If your goal is €3,000.00 and you already have €600.00 set aside, you need €2,400.00 more. Over twelve months, that requires €200.00 a month. If you can contribute €150.00, it will take 16 months.
What does this calculation assume?
It excludes interest, inflation, fees and withdrawals, and assumes a constant monthly contribution. The last month may require less than a full contribution. The result gives months needed, not a guaranteed date or a recommendation for how much to save.
Frequently asked questions
Practical questions about the inputs and result.
- What happens if you have already reached the goal?
- The remaining amount is zero. No new contribution is needed and the calculated time is zero months, even if savings exceed the goal.
- Can you calculate a period with a zero contribution?
- If money is still needed, there is no calculable period with a zero contribution. Try a positive amount or switch to the time period mode to calculate the monthly contribution required.
Your next step
Connect this calculation with your budget and transactions.
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