Savings Goal Calculator

Use this tool to work out how much you need to save each month to reach your goal. Whether you're saving for a house deposit, a holiday, or an emergency fund, this calculator factors in compound interest to give you a realistic savings plan.

How It Works

You enter your savings target, current balance, annual interest rate, and timeframe in months. The calculator estimates the monthly contribution needed to hit your target, taking into account monthly compounding of interest.

Frequently Asked Questions

Does this calculator include interest?

Yes, it uses compound interest, applied monthly, to reduce the amount you need to contribute out of pocket. The higher the rate, the more your money grows on its own.

How accurate is the monthly saving amount?

Very accurate. It uses a bisection method to reverse-engineer the monthly payment needed to reach your target, accounting for interest each month.

What interest rate should I use?

Use your bank's or ISA’s interest rate. If unsure, 3%–5% is a common estimate for savings with some interest.

Next Steps

Want to explore how your savings might grow long term? Try our Compound Interest Calculator, or browse all our finance tools for mortgages, take-home pay, and more.