Savings Goal Calculator
Finds how much to set aside each month to hit a target.
Result
- Monthly saving needed
- S$773.43
- Total you put in
- S$46,406.07
How to use the savings goal calculator
- Enter the savings target (S$).
- Enter the expected return (% a year).
- Enter the years to reach it.
- The results update as you type, or press Calculate.
- Read the monthly saving needed first, then the supporting figures below it.
Formula
Monthly = target × r ÷ ((1 + r)^n − 1).
Worked example
For example, with these inputs:
- Savings target (S$): 50,000
- Expected return (% a year): 3
- Years to reach it: 5
the calculator returns:
- Monthly saving needed: S$773.43
- Total you put in: S$46,406.07
Background
Compounding is the reason long-term saving works: returns earn further returns, so the growth curve steepens over time. The same maths works against you with debt, which is why credit card balances at around 27% a year grow quickly if only minimum payments are made.
Cars in Singapore carry costs found almost nowhere else, including the Certificate of Entitlement and the Additional Registration Fee. Loans are capped at 60% or 70% of the price depending on the car's Open Market Value, and the maximum tenure is seven years.
Frequently asked questions
How does the savings goal calculator work?
It applies this formula: Monthly = target × r ÷ ((1 + r)^n − 1).
Is this financial advice?
No. It is a calculation tool. For decisions about loans or investments, compare official offer documents and consider speaking to a licensed adviser.