Savings Goal Calculator
Two tools in one: find out how long it takes to reach a savings target, or calculate how much to save each month to hit a goal by a set date.
How long will it take?
How much do I need to save per month?
Related: Savings Interest · Compound Interest · Emergency Fund
How the savings goal calculator works
This calculator operates in two modes. The first tells you how long it will take to reach a savings target given a fixed monthly contribution and interest rate. The second tells you how much you need to save each month to reach a goal within a specific number of months. Both modes use the future value of an annuity formula to account for the effect of interest on regular contributions.
In the UK there are several savings vehicles worth considering. A Cash ISA lets you save up to £20,000 per year (2025/26 allowance) with all interest completely tax-free. Regular savings accounts often offer higher interest rates in exchange for committing to fixed monthly deposits. Premium Bonds issued by NS&I offer tax-free, prize-based returns rather than a guaranteed interest rate.
For goals more than a few years away, it is worth factoring in inflation. At 2–3% annual inflation, the real purchasing power of your savings target will be lower by the time you reach it, so you may need to save slightly more than the nominal figure suggests.
Frequently asked questions
How much should I have in savings?
General guidance suggests keeping 3–6 months of essential living expenses as an emergency fund in an easily accessible account before saving toward other goals. The right amount depends on your income stability, employment type, and personal circumstances. Once your emergency fund is in place, save toward specific goals with a defined target and timeline.
What is a Cash ISA?
A Cash ISA is a UK savings account where all interest earned is completely tax-free. The annual ISA allowance is £20,000 for the 2025/26 tax year. Unlike a regular savings account, you never pay income tax on the interest regardless of how much you earn, making ISAs particularly valuable for higher-rate taxpayers.
Does interest make a big difference to how long saving takes?
Yes, significantly over longer periods. Saving £200 per month with no interest takes 50 months to accumulate £10,000. At a 4.5% annual interest rate, the same £200 monthly contribution reaches £10,000 in approximately 47 months — three months sooner. The difference becomes more pronounced for larger goals or longer timeframes.
Should I account for inflation in my savings goal?
For goals more than 3–5 years away, yes. Inflation of 2–3% per year erodes the purchasing power of money over time. A target of £10,000 today could require £11,000–£13,000 in nominal terms by the time you reach it to buy the same goods or services. Consider increasing your goal or your monthly contributions to account for this.