Savings Goal Calculator
Plan how much to save monthly to achieve your financial goals
Your Savings Goal
Tips for Reaching Your Goal
- Set up automatic transfers to your savings account
- Review your progress quarterly and adjust if needed
- Consider increasing contributions with income growth
- Look for ways to reduce expenses and save more
Your Savings Plan
To reach your goal of
₹5,00,000 for a New Car
Monthly Savings Needed
₹6,903
Total Contributions
₹4,14,180
Interest Earned
₹85,820
Initial Amount
₹50,000
Yearly Progress
| Year | Total Saved | Interest | Progress |
|---|---|---|---|
| 1 | ₹1,32,836 | ₹4,836 | 26.6% |
| 2 | ₹2,20,299 | ₹15,299 | 44.1% |
| 3 | ₹3,12,679 | ₹30,679 | 62.5% |
| 4 | ₹4,10,384 | ₹50,384 | 82.1% |
| 5 | ₹5,00,000 | ₹85,820 | 100% |
Strategies to Reach Your Goal Faster
Increase Monthly Contributions
Even a small increase in your monthly savings can significantly reduce the time needed to reach your goal.
Boost Your Returns
Consider slightly higher-risk investments for potentially better returns if your time horizon allows.
Save Windfalls
Put tax refunds, bonuses, or gifts directly toward your goal to accelerate your progress.
Reduce Expenses
Identify areas where you can cut back spending and redirect those funds to your savings goal.