About the Financial Goal Planner
This financial goal planner turns a list of savings goals into one monthly number. Enter up to four goals — an emergency fund, a house deposit, a car, a wedding, college — with what each would cost today, how many years away it is and what you have already set aside. The planner inflates each cost to its target date, grows your existing savings and works out the monthly deposit that closes the gap.
It is useful when you are building a budget, deciding which goal to push back, or setting up separate savings pots or sinking funds. Short-term goals usually sit in cash, so you may want a low return for them; run the planner twice if your goals use very different accounts.
Deposits are assumed at the end of each month, returns compound monthly and inflation compounds yearly. A goal with no years left shows the shortfall you would need to cover now. Results are estimates: actual returns and price rises will vary.
With the default inputs, the total monthly savings needed is $2,514.55. Change any value above to recalculate instantly.
How to use the financial goal planner
- 1Name each goal and enter what it would cost in today’s money.
- 2Enter how many years away each goal is and what you have already saved for it.
- 3Set 0 as the cost for any goal slot you do not need.
- 4Choose an expected return and an inflation rate.
- 5Read the monthly amount for each goal and the total, then adjust dates or amounts to fit your budget.
Formula and method
Each goal is handled separately. First its cost in today’s money is inflated to the target date with yearly inflation f over t years. Money already saved, S, is grown at the monthly return i (annual return ÷ 12) for n = t × 12 months. Whatever gap remains is funded with a level end-of-month deposit using the sinking-fund formula.
The monthly figures for all goals are then added up to give the total monthly savings. If existing savings already grow past a goal’s future cost, that goal needs nothing more. If a goal is due now (0 years), the full shortfall is shown as the amount needed immediately. With a 0% return the deposit is simply the gap divided by the number of months.
- Cost
- Goal cost in today’s money
- f
- Annual inflation rate
- t
- Years until the goal
- S
- Amount already saved for the goal
- i
- Monthly return (annual return ÷ 12)
- n
- Months until the goal (t × 12)
- PMT
- Monthly deposit needed
Worked examples
Four goals: emergency fund, down payment, car and college
The $15,000 emergency fund becomes $15,914 with 2 years of 3% inflation; after the $3,000 already saved grows, you need about $500 a month. The $60,000 down payment inflates to $69,556 in 5 years and, after $10,000 grows to $12,834, needs about $834 a month; the car needs about $637 and the 15-year college fund (which inflates to $155,797) about $543, for a total of roughly $2,515 a month.
Single goal: $25,000 wedding in 3 years, nothing saved
At 2.5% inflation the $25,000 wedding costs about $26,922 in three years. Saving at 4% a year compounded monthly, a deposit of about $705 at the end of each of the 36 months reaches that target.
Goal already covered by existing savings
A $10,000 goal inflates to $11,593 in five years, but $10,000 already saved at 5% grows to about $12,834, so no further monthly saving is required.
Frequently asked questions
How do I save for multiple financial goals at the same time?+
Give each goal a cost, a date and its own pot of money, then work out the monthly amount each needs and add them up. Paying into separate accounts or sub-accounts automatically each payday keeps the goals from competing with one another.
Should I adjust goal amounts for inflation?+
Yes for anything more than a year or two away. A $30,000 car today could cost around $34,000 in four years at 3% inflation. This planner asks for today’s cost and inflates it to the target date for you.
What return should I use for short-term goals?+
Money needed within about five years is usually kept in cash, high-yield savings, CDs or Treasury bills, so use a return close to current savings rates. Longer goals invested in a diversified portfolio can reasonably assume a higher, but uncertain, return.
Which goal should I prioritise if I cannot afford them all?+
Most planners put a starter emergency fund and any employer retirement match first, then high-interest debt, then goals with fixed dates. Pushing a flexible goal back a few years is often the easiest way to cut the monthly total.
Why is the monthly amount zero for one of my goals?+
Your existing savings for that goal are projected to grow past its inflated cost by the target date at the return you entered, so no extra deposits are needed. If you lower the return assumption the goal may need contributions again.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.