Savings goal calculator
Work out how long it takes to reach a savings target, or how much to save each month. Factors in interest and an optional starting balance.
- Free, no sign-up
- No data stored
- Reviewed 2026-01-15
Your details
Results
- Total contributions
- £20,729.61
- Growth on start
- £381.89
- Interest earned
- £2,270.39
Savings note
About the Savings Goal Calculator
Set a savings target and let the calculator work backwards: either how many months it will take at a given contribution rate, or how much you need to save each month to reach the goal in a set timeframe.
Interest is compounded monthly on the growing balance. An optional starting balance lets you factor in existing savings.
How to use the Savings Goal Calculator
- Enter your savings target amount.
- Add any starting balance you already have.
- Set the expected annual return rate.
- Choose whether to solve for time or monthly amount.
- Review the result and growth chart.
Frequently asked questions
Can I solve for monthly contribution?
Yes. Set "Solve for" to "Monthly saving" and enter your target and timeframe. The calculator finds the required regular payment.
Is the interest rate realistic?
Use a rate that reflects your chosen vehicle — currently around 4–5% for cash savings or 6–8% average for diversified equity over the long term.
Does this include tax on interest?
No. Returns are shown gross. If saving outside a tax wrapper (e.g. ISA), deduct estimated tax from the annual rate.
Sources
Figures are estimates for guidance only. Always confirm with the official source or a qualified professional before acting on them.