Free tool
Savings goal calculator
What this tool tells you
This tool works out how much to deposit each month to reach a savings goal in the time you choose, taking into account what you have already saved and an assumed annual return. If what you have saved already reaches the goal, it shows that the goal is met even without further deposits.
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The calculation runs in your browser, and the numbers you enter are not sent anywhere.
How it is calculated
The tool solves the accumulation equation for the deposit: it looks for the monthly deposit that brings the amount already saved (after growing at the return) plus the deposits to exactly the goal at the end of the period. Deposits land at the end of each month. At a return of 0% the calculation is simple: what is missing divided by the number of months.
r = (1 + rate / 100)^(1/12) − 1
g = (1 + r)^months
deposit = (target − saved × g) × r / (g − 1)
at 0% return: deposit = (target − saved) / months
target is the goal, saved is what you already have and months is the number of months until the goal.
Assumptions
- The return is constant for the whole period, and net of management fees if there are any.
- There is no tax, inflation or other charge in the calculation.
- Ranges in the tool: a goal of 5,000 to 1,000,000 shekels, 6 to 240 months in half-year steps and a return of 0% to 8%.
- What you have already saved cannot exceed the goal.
How to read the result
- The large "Needed each month" card is the answer. The two cards beside it split the goal into your own deposits and growth.
- Set the return to 0% to see the deposit with no growth at all, then compare with a higher return.
- Lengthen the time and watch the monthly deposit fall while the goal stays the same.
- In the chart, the horizontal line is the goal and the curve is the balance on its way there.
Limits of this tool
The tool does not account for inflation, so a goal several years away may cost more by then. If you expect that, enter a higher goal. The return is an assumption for illustration, not a forecast.
This is an illustration based on the numbers you entered, not personal advice or a recommendation. Check current rules and amounts at gov.il or on the Capital Market, Insurance and Savings Authority website.
Frequently asked questions
How do you calculate how much to save each month for a goal?
You subtract from the goal what you have already saved, after it grows at the return, and divide the difference by the growth factor of the monthly deposits. With no return it is simply the goal minus savings, divided by the number of months. The tool shows the full formula.
What return should I enter for savings?
It depends on the product you will save in, and rates and returns change. You can enter 0% to see the most cautious scenario and compare it with a higher value.
Does the tool account for inflation?
No. If you expect the goal to cost more by the time you reach it, enter a higher goal.
What if my goal is more than 20 years away?
The range in this tool is up to 240 months. For longer horizons, use the compound interest calculator, which goes up to 40 years.
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