Savings Goal Calculator UK
Find out how much you need to save each month to reach a savings goal by a chosen date. Enter your target, timeframe, any amount you've already saved and an interest rate to see your required monthly contribution and the interest you'll earn.
Calculator
What this means
A savings goal calculator works backwards from the amount you want and when you want it. It factors in money you've already saved and the interest you expect to earn, then tells you the regular monthly contribution needed. Interest does some of the work for you, so the longer your timeframe the less you need to save each month.
How to use this calculator
- Enter your target amount and any starting savings.
- Enter your deadline or your monthly saving amount.
- See how much to save each month, or how long it'll take.
Worked example
You want £6,000 in 2 years, starting from £0.
- £6,000 ÷ 24 months = £250 a month (before interest).
- Interest reduces the amount you need to put in.
Saving around £250 a month gets you to £6,000 in two years.
Who this is for
- Anyone saving for a holiday, wedding or deposit.
- People who want a clear monthly target.
- Anyone checking whether a goal is realistic.
Turning a goal into a monthly habit
Breaking a big target into a monthly amount makes it manageable and shows quickly whether your deadline is realistic. Interest on savings means you may need to put in slightly less than the headline figure.
Automating the transfer on payday makes saving consistent. A separate or easy-access account keeps the money out of sight and reduces the temptation to dip in.
Frequently asked questions
It depends on your goal and timeframe. This calculator works out the exact monthly amount needed by dividing your remaining target across the months, allowing for any interest your savings earn along the way.
For short-term goals an easy-access or fixed-rate savings account is common. A Cash ISA keeps the interest tax-free, and a Lifetime ISA adds a 25% bonus if you're saving for a first home or retirement.
Yes. Enter an expected annual interest rate (AER) and the calculator assumes monthly compounding. Set the rate to 0% if you'd rather see the figure without any interest.
For goals within a few years, an easy-access or fixed-rate savings account (or cash ISA) is usually best — investing is riskier over short periods.
Increase the monthly amount, extend the deadline, or earn more interest with a higher-rate account. Automating the saving on payday helps you stay consistent.
Disclaimer
This calculator provides estimates for guidance only. It is not financial, legal or tax advice. Always check official sources or speak to a qualified professional before making decisions.
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