Savings Goal: Adjusting a Savings Plan After a Missed Deposit
Missing one deposit does not necessarily end a savings goal. Update the balance and remaining deadline, then recalculate the monthly contribution. The revised amount shows the cost of catching up without assuming that the missed money was invested.
Use the Savings Goal Calculator to enter your own figures and compare the result with the worked example below.
Savings Goal formula
Monthly saving = max(0, (Target − P(1+i)^n) × i / ((1+i)^n−1)). Monthly compounding and end-of-month contributions are assumed. At 0%, divide the remaining target by the number of months.
Worked example
To grow $2,000 to $14,000 over one year at 0%, save $1,000 each month.
These are illustrative inputs, not current prices, rates or recommended targets. Where a currency is shown, keep all comparable money amounts in the same currency; conversion examples identify the two sides separately.
How to interpret the result
If the new contribution is unaffordable, test a later deadline or a smaller target. Do not raise the assumed return just to make the plan appear feasible.
Related calculations
Method and further reading
The example follows the FinMathly calculator method. For broader background, see CFPB: Building a budget. The background resource may use jurisdiction-specific terms; it does not replace the assumptions of this calculator.
Featured photograph: Pexels.