Find out exactly how much to save each month to reach your goal on time, with interest factored in. See your contributions versus interest earned.
This calculator works backward from your goal. It takes the amount you've already saved, grows it by your interest rate over your timeframe, and then solves for the monthly deposit needed to cover the rest — using the future value of an annuity formula. Interest does part of the work, so the monthly amount is usually less than simply dividing the goal by the number of months.
For goals within a few years — a car, a wedding, a house down payment — keep the money somewhere safe and liquid that still earns interest, like a high-yield savings account or money market account. Avoid the stock market for short timelines, since a downturn right before your goal date could set you back. The interest rate you enter should reflect a realistic, low-risk yield.