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How much to set aside if you already have part of the goal?

Quick lesson1 min read

Start by working out what is missing. A savings goal should start from the money you have already set aside for it and the number of contributions left.

An example with numbers

You want $6,000 in 18 months and already have $1,500. With no return, $4,500 is missing. Split over 18 contributions, you need $250 a month. Starting from zero, you would ask yourself for about $333.

Try it with your numbers

Choose “How much to save each month”, enter your current savings and leave the return at zero. Then change the time frame to find a contribution you can manage.

Open the calculator

Example figures for learning purposes. They are not a recommendation and do not replace professional advice.

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