Savings goal
Enter your savings goal and time period to see how much you need to save each month. If the monthly amount feels too high, try increasing the time period or starting balance.
This calculator works out the monthly amount needed to reach your goal. If you already save a fixed amount, you can use the Savings growth calculator instead.
Results
These are estimates based on your inputs.
How this calculator works
We calculate the monthly contribution required to reach your target amount by the end of the chosen time period.
The calculation assumes monthly contributions, a fixed annual interest rate, and no withdrawals during the period.
If you prefer to save a fixed monthly amount and see how long it might take, try the Savings growth calculator.
What this calculator does
This savings goal calculator shows the monthly amount you need to put aside to reach a target balance by a specific date. It uses your target amount, starting balance, interest rate, and time period to estimate a steady monthly contribution.
It is useful for goal-based saving like a house deposit, emergency fund, or annual expenses. You can adjust the time period or interest rate to see how much flexibility you have.
How the formula works
The calculator assumes monthly contributions and a fixed annual interest rate. The annual rate is converted into a monthly rate, then we calculate how much your starting balance would grow if you made no contributions. The remaining gap to your target is filled by monthly savings.
In simple terms: we grow your starting balance, then work out the fixed monthly payment that fills the rest. If the interest rate is 0%, the monthly amount is just the target shortfall divided by the number of months.
Worked example
Suppose you want £20,000 in 5 years, you already have £2,000, and you expect 4% interest. The calculator works out the monthly amount needed to reach £20,000 after 60 months.
With those inputs, the monthly contribution is about £245. Over the full period, your total contributions plus starting balance add up to the target, and interest covers the rest.
Common mistakes
- Using a rate that does not match the account (AER vs gross).
- Forgetting that rates can change over time.
- Entering years as months (or vice versa).
- Assuming you will always contribute at the same pace.
When to use this calculator
Use this when you have a target amount and a deadline. It is ideal for savings goals like deposits, tuition fees, wedding funds, or planned purchases. If you already know your monthly contribution and want to see how long it will take, use the Savings growth calculator instead.
FAQs
Does this include tax on interest?
No. It assumes your interest rate is net of tax or that you are within your savings allowance. If tax applies, use a lower rate to reflect the net return.
What if I make irregular contributions?
The result is based on a fixed monthly amount. If your contributions vary, this gives a reasonable target, but you should allow extra margin.
What interest rate should I use?
Use the advertised AER of your savings account if you plan to keep the money there long term. If you are unsure, try a lower rate to stay conservative.