In cell B5, enter the following formula:.In cell B4, enter the estimated rate of return on your retirement investments (as a percentage).In cell B3, enter the total amount of money you want to have saved up by the time you retire.In cell B2, enter the age at which you plan to retire.In cell A5, enter “Monthly Savings Needed”.In cell A4, enter “Estimated Rate of Return”.In cell A3, enter “Total Savings Goal”.Here’s how to set up the calculations in Excel: Using this information, you can calculate how much money you need to save each month in order to reach your retirement savings goal. The estimated rate of return on your retirement investments.The total amount of money you want to have saved up by the time you retire.To do this, you’ll need to know a few key pieces of information: Imagine that you are trying to plan for retirement and you want to determine how much money you need to save each month in order to have a certain amount of money saved up by the time you retire.

Let’s take a look at a real-world example of using Goal Seek in Excel.

In the “By Changing Cell” box, enter the cell that represents the loan amount (cell B1 in our example).Įxcel will then calculate the loan amount needed to achieve the desired monthly payment.

In the “To Value” box, enter the desired monthly payment.

In the “Set Cell” box, enter the cell that contains the formula for the monthly payment.Click on “Goal Seek” in the drop-down menu.Click on “What-If Analysis” in the “Data Tools” group.Click on the “Data” tab in the Excel ribbon.Enter the desired monthly payment in a nearby cell.Enter the formula for the monthly payment in a cell in your worksheet.To use Goal Seek to determine the loan amount needed to achieve a specific monthly payment, follow these steps: The formula calculates the monthly payment based on these inputs. In this formula, cell B1 represents the loan amount, cell B2 represents the interest rate, and cell B3 represents the number of payments. The formula might look like this: =PMT(B2/12,B3,B1) For example, let’s say you have a formula that calculates the monthly payment for a loan, based on the loan amount, interest rate, and number of payments. To use Goal Seek in Excel, you need to have a formula or set of formulas that depend on an input value. In this article, we’ll cover how to use Goal Seek in Excel, along with an example of its application. This tool is particularly useful for financial modeling and decision-making, as it can help you determine the necessary inputs to reach a desired result. Goal Seek is a powerful tool in Excel that allows you to find the input value needed to achieve a specific goal or outcome.

Simple monthly budget worksheet