Finance

Wedding Savings Goal Monthly Deposit Calculator (15 Years)

Find the monthly deposit needed to reach a savings goal. This wedding version uses a 15-year planning term as its starting point.

The Monthly deposit shown is the amount to save every month for 15 years at the stated annual rate to reach the goal amount, so saving that fixed amount each month, with growth, builds up to the target by the end of the term.

Formula

Monthly deposit equals goal times monthly rate divided by one plus monthly rate to the power of months minus one.

How it works

Saving a fixed amount each month with interest reaches the goal faster than saving without interest.

Worked example

Goal amount $50,000, annual rate 5%, term 15 years. The monthly rate is 5% divided by 12, which is about 0.4167% a month, and the number of deposits is 15 times 12, which is 180 months. Using the page formula, the monthly deposit is $50,000 times the monthly rate divided by one plus the monthly rate to the power of 180, minus one, which gives $187.06. That is the calculator output for these defaults. Over 180 months the couple pays in $33,671.43 in total, so $16,328.57 of the $50,000 goal comes from interest. Totals use the calculator's unrounded figure, so the rounded monthly amount times 180 can differ by a dollar or two.

Who this term suits for a wedding: parents saving steadily for a child's future wedding, or a couple planning a big celebration with plenty of runway, where $187.06 a month is a light habit and interest covers $16,328.57 of the goal.

FAQs

How much should I save each month?
Divide the goal by the growth of regular deposits at the assumed rate to get the monthly amount.

Is this wedding calculator exact?
No, it is an estimate for planning only, based on the numbers you enter.

Are these figures financial advice?
No, they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.

How does $187.06 a month reach $50,000 over 15 years?
180 deposits of $187.06 pay in $33,671.43, and interest adds $16,328.57 to reach $50,000. About a third of the goal comes from interest, which is why starting early matters so much.

What does $200 a month reach over 15 years at 5%?
$200 a month for 180 months reaches $53,457.79, which is $3,457.79 more than the $50,000 goal, a small buffer against price rises.

Should parents save for a child's wedding 15 years ahead?
It can work if the fund is flexible: $187.06 a month is a light habit, but the child's wishes, the wedding size and prices will all change over 15 years, so the goal should be reviewed as the wedding gets closer.

Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.