Set a savings goal and a deadline, and see exactly how much you need to put away each month, and each week, to get there. Interest on what you’ve saved is included.
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How it works
The calculator grows what you’ve already saved at your interest rate, works out the gap left to your goal, and finds the regular monthly amount that fills that gap by your deadline, with interest added each month.
Worked examples
1. A £10,000 emergency fund in 3 years
Starting with £1,000 at 4% interest, you’d need to save about £232 a month (around £54 a week). You’d pay in £9,366 and earn about £634 in interest.
2. A house deposit
A £25,000 deposit in 5 years from nothing, at 4%, needs about £377 a month. Starting a year earlier, with 6 years to save, it drops to about £308.
3. A short goal
For a £1,500 holiday in 10 months, interest makes little difference: it’s about £150 a month either way. For short goals, the deadline matters far more than the rate.
Tips that make goals easier
- Set up a standing order for the day after payday, so the money moves before you can spend it.
- Keep the savings in a separate account with a competitive rate.
- Consider a Lifetime ISA for a first home if you’re 18 to 39 in the UK: the government adds 25% to what you pay in, up to £1,000 a year.
Frequently asked questions
How much should I save each month?
A common guide is 10% to 20% of take-home pay, but it depends on your goals. This calculator works backwards from a target and a date.
Does the interest rate matter much?
For goals a few years away, yes. For goals under a year, the amount you save matters far more than the rate.
How big should an emergency fund be?
Many guides suggest three to six months of essential spending.
Is interest on savings taxed?
In the UK, most people can earn some interest tax-free under the Personal Savings Allowance. Money in an ISA is always tax-free.
Sources
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