Savings tool
Savings Goal Calculator
Work out how long it could take to reach a savings goal, how much you may need to save each month, and whether your current plan is on track.
What this tool helps with
Use this calculator to compare your current monthly saving amount with the amount needed to hit your goal by a chosen deadline.
Time to reach goal
2 years 3 months
Based on your current monthly saving amount.
Monthly needed
£336
Estimated monthly saving needed for your target timeframe.
Goal summary
Behind target
Progress: 15.0%
Your current monthly saving amount is likely to miss your target deadline unless you increase contributions or extend the timeframe.
Remaining to save
£8,500
Extra needed/month
£36
Current plan vs target plan
Current monthly saving
£300
Needed for target deadline
£336
This is the estimated monthly amount needed to hit the goal in 24 months.
Estimated interest / growth earned
£502
This assumes the interest or growth rate you entered remains the same, which may not happen in real life.
What this means
A savings goal becomes easier to manage when you know the monthly number. If the target amount feels too high, you can adjust the deadline, reduce the goal, or look for extra room in your budget.
How to use this result
Use the monthly needed figure as your target. If it is too high, try changing the timeframe or using the budget planner to find extra room.
The interest or growth estimate is only a planning guide. Savings rates and investment returns can change over time.
This calculator gives estimates only and does not provide financial advice.
FAQs
How much should I save each month?
It depends on your goal amount, deadline, current savings, and how much room you have in your monthly budget.
Should I include interest or growth?
You can include a cautious estimate, but avoid relying too heavily on growth if the goal is short term or essential.
What if I am behind target?
You can increase monthly savings, extend the deadline, lower the goal, or use a budget planner to find spare cash.