Savings Goal Planner
Sets specific savings goals with target amounts and deadlines, then calculates the required monthly savings to reach each goal. Tracks progress as a percentage and flags shortfalls early.
Personal - Savings Goal Planner.xlsx
Excel (.xlsx) — No macros — Works in Excel, Google Sheets, LibreOffice
What This Spreadsheet Solves
- Savings happen without a specific target or deadline
- Multiple goals compete for the same savings capacity
- No visibility into whether current pace will meet the target
- Shortfalls are discovered too late to course-correct
- Difficulty prioritizing between multiple simultaneous savings goals
Who This Is For
- Individuals saving for specific purchases (home, car, vacation)
- Parents planning for education expenses
- Couples saving toward a wedding or major life event
- Anyone managing multiple concurrent savings targets
Inputs
- textGoal Name
- $Target Amount
- dateTarget Date
- $Current Savings Toward Goal
- $Monthly Contribution
Outputs
- Progress percentage per goal
- Monthly savings required to meet deadline
- Projected shortfall or surplus at target date
- Months remaining to target
- Priority ranking based on urgency and gap size
How Calculations Work
For each goal, the model computes the remaining amount (target minus current savings) and divides by the number of months until the deadline to determine required monthly savings. Actual monthly contributions are compared against the requirement. If the contribution falls short, the model projects the deficit at the target date. Goals are ranked by urgency (time remaining) and gap severity (percentage unfunded) to help prioritize allocation.
Example Use Case
Scenario: Three goals: vacation ($3,500 in 8 months, $800 saved, contributing $300/month), emergency fund ($15,000 in 24 months, $4,200 saved, contributing $400/month), home down payment ($40,000 in 36 months, $12,000 saved, contributing $700/month).
Result: Vacation: 22.9% funded, needs $337.50/month, shortfall of $37.50/month (projected $300 short at deadline). Emergency fund: 28% funded, needs $450/month, shortfall of $50/month. Down payment: 30% funded, needs $778/month, shortfall of $78/month. Priority: vacation (most urgent, closest deadline).
What You Get — 5 Sheets
Technical Details
Frequently Asked Questions
What if I can't fund all goals simultaneously?
The priority ranking helps you allocate limited savings. Focus on the highest-priority goal first, or reduce contributions to lower-priority goals temporarily.
Can I include interest earned on savings?
Yes. Set the savings account interest rate in CONFIG. The model will reduce the required monthly amount to account for expected interest.
How do I handle a goal with no firm deadline?
Set a reasonable target date anyway. Without a deadline, the model cannot calculate required monthly savings. You can adjust the date as circumstances change.
What does the shortfall projection mean?
It shows how much you will be short of your goal at the target date if you continue saving at the current monthly rate. A positive value means you are on track to exceed the goal.
Can I split one large goal into phases?
Yes. Create separate entries for each phase with its own target and deadline. This is useful for goals like home purchase (down payment phase, then closing costs phase).
Download Savings Goal Planner
Ready to use immediately. Enter your data in the INPUT sheet, see results in OUTPUT.