Savings Goal Calculator
Find out how long it will take to reach a savings target, or how much to put away each month to get there in time.
Result
ProjectionEnter your target and how you plan to save.
How it works
Interest is added monthly at one twelfth of the annual rate, and your monthly saving is added at the end of each month. “How long” steps through the months until the balance reaches your target. “How much a month” solves the regular-saving formula for the deposit:
Monthly saving needed
PMT = (FV − PV × (1 + i)^n) × i ÷ ((1 + i)^n − 1)
FV is the target, PV what you’ve saved already, i the monthly rate and n the number of months.
Worked example
£10,000 in 3 years at 0% = £277.78 a month
With no interest it’s simply £10,000 ÷ 36 months. At 4% a year it drops to about £262 a month.
Frequently asked questions
What interest rate should I use?
Use the rate on the account you plan to save into. Leave it blank for a cautious answer with no interest. Rates can change, so check your progress now and then.
Should I include inflation?
If your target is several years away, prices may rise in the meantime. A simple approach is to increase your target by the inflation you expect, or use a lower interest rate (your rate minus inflation).
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