Savings Goal Calculator

How to plan your savings goal

Enter the amount you want to save and the number of years you have. Add an expected annual return if you plan to save into an interest-paying account or invest, then the calculator shows exactly how much to set aside each month and how contributions and earnings build toward your goal.

Formula

Monthly amount = goal × i ÷ [(1 + i)ⁿ − 1], where i is the monthly rate and n is the number of months. With a 0% return, monthly amount = goal ÷ months.

Expected returns are assumptions only; actual investment results will vary and are not guaranteed.

Frequently Asked Questions

How is the monthly amount calculated?

It uses the annuity formula PMT = FV × i ÷ [(1 + i)ⁿ − 1], where FV is your goal, i is the monthly rate (annual return ÷ 12) and n is the number of months. With a 0% return it simply divides the goal by the number of months.

What return rate should I enter?

For a plain cash savings goal, enter 0%. If you will save into an interest-paying account or invest the money, enter a realistic expected annual return — but remember investment returns fluctuate and are not guaranteed.

Should I use an ISA?

A cash ISA or Stocks and Shares ISA lets your savings grow tax-free up to the annual ISA allowance, so more of your return goes towards the goal. A Lifetime ISA can add a government bonus if you are saving for a first home or retirement.

How can I reach my goal faster?

Increase your monthly contribution, extend the timeframe, or earn a higher (realistic) return. Even small increases in the monthly amount compound meaningfully over several years.

Does this account for inflation?

No. The target is treated as a fixed future amount in pounds. If you want to preserve purchasing power, set a goal that already allows for expected inflation.