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Savings goal planner
Turn a goal into a monthly number. See when you reach it at your current pace, or what to save to hit it by a date.
For a goal within a few years, keep it in cash savings; a return of 3 to 5% is realistic. For longer horizons, investing can do more but can fall in value.
You reach £10,000 in
2y 10m
saving £250 a month from £1,000
- You will have paid in£9,500
- Interest earned on top£604
Want it sooner? To hit £10,000 in 24 months, save £357.49 a month.
3 months10 years
Saving for emergencies rather than a goal? Size your safety net here.
Common questions
- How much should I save each month?
- Work back from the goal. Enter the amount and the date you want it, and the calculator shows the monthly figure that gets you there. If that number is uncomfortable, push the date out or trim the goal; a plan you can stick to beats an ambitious one you abandon.
- Where should I keep money for a goal?
- For anything you need within about five years, keep it in cash: an easy-access or fixed-rate savings account, or a cash ISA. The return is lower but the value will not drop. For longer horizons, investing can grow more, with the risk of falling in value along the way.
- Should I save for a goal or build an emergency fund first?
- Emergency fund first. Without a buffer, a surprise bill goes on a credit card and undoes your saving. Once you have a few months of essentials set aside, direct the rest at your goal.
- Does the calculator include interest?
- Yes. Set an expected annual return and the projection compounds monthly. For a cautious cash plan, use a figure close to current easy-access savings rates; for a long-term investing plan, a lower real return is a sensible, conservative assumption.
Not sure how much you can spare each month? The Money Health Check helps you find it.