Savings Goal Calculator
Work out exactly how much to save each month to hit a target by a chosen date, factoring in interest and anything you've already saved.
Your monthly savings target
Tell us your goal and timeline and we'll work out the monthly amount.
How it works
What this calculator does. It works backwards from a savings target — say a house deposit, a wedding, a new car or an emergency fund — and tells you the monthly amount you need to set aside to hit that figure by a chosen date, with interest doing some of the work for you.
How the calculation works. We start by projecting any existing savings forward to your end date using monthly compounding at your chosen interest rate. The result is subtracted from your goal to give the gap your monthly contributions need to fill. We then reverse the standard annuity formula to find the monthly deposit that, after compounding, lands exactly on that figure.
A worked example. Aim for £10,000 in 3 years, with £500 already saved and 4% expected interest. Your existing £500 grows to about £563 in three years, leaving a £9,437 gap. To bridge it you'd need to save around £247 a month. If you stretched the timeline to 4 years, the monthly figure drops to around £180 — the extra year of compounding and contributions does meaningful work.
Why this matters. Most savings goals fail because the target feels vague — "I want to save up" rarely survives a rough month. Translating the goal into a single concrete monthly direct debit makes it real, automatable and easier to defend against everyday spending. Seeing how much interest contributes also makes the case for starting now rather than later.
When to use it / when not to. Use it for any goal with a clear date and amount: house deposit, wedding, holiday fund, child's university fund, replacement car. Avoid it for retirement planning, where inflation, investment volatility and tax wrappers matter far more than this simple model handles.
Common mistakes. Forgetting to include an existing balance (makes the monthly figure look scarier than it needs to); using an investment return as if it were a savings rate for short-term goals (markets can fall in any given year); and not adjusting the goal for inflation over very long timelines — £10,000 in ten years buys less than £10,000 today.
Frequently asked
Complete Guide
Saving for a House Deposit Faster
A deposit is usually the single biggest hurdle to buying a first home. The good news is that with a clear target, the right account, and a few smart habits, most savers can move faster than they think.
Start with a target, not a vibe
Decide on a realistic price range for your first home and the deposit percentage you're aiming for (5%, 10% or 15% are the common bands). Multiply those together and you've got a number to aim at.
Our house deposit calculator turns that target into a monthly savings figure based on how soon you want to buy.
Use a Lifetime ISA if you qualify
If you're 18–39 and buying your first home in the UK (up to £450,000), a Lifetime ISA pays a 25% government bonus on up to £4,000 a year — that's up to £1,000 free per year.
It's one of the most generous savings boosts available, and it works alongside a standard cash or stocks & shares ISA.
Park the money where it earns
Cash sitting in a current account is losing value to inflation. A regular saver, easy-access account paying competitive interest, or a fixed-rate bond (if you're sure you won't need the money) will all do better.
If your timeline is short (under 3–5 years), stick to cash. Stocks can fall right when you need them.
Tighten the leaks
You don't need to live on rice and beans. Cancel subscriptions you've forgotten, switch energy and broadband when contracts end, and automate a fixed transfer to savings on payday so you don't see it.
Small, repeatable wins beat one heroic month of cutbacks every time.