See when you will reach your savings target and how adjustments to your monthly contribution change the timeline. Enter a goal amount, your current savings, and a monthly contribution.
Based on your current monthly savings rate, it will take 10 months to reach your target of £1,000.
To reach this goal in 6 months, you would need to save £167 per month. See the savings scenarios below to explore how different monthly amounts affect your timeline.
Based on your current monthly savings rate, it will take 10 months to reach your target of £1,000.
To reach this goal in 6 months, you would need to save £167 per month. See the savings scenarios below to explore how different monthly amounts affect your timeline.
Savings timeline
See how your remaining balance changes at your current savings rate.
| Month | Amount saved | Amount remaining |
|---|---|---|
| Month 0 | £0 | £1,000 |
| Month 2 | £200 | £800 |
| Month 4 | £400 | £600 |
| Month 6 | £600 | £400 |
| Month 8 | £800 | £200 |
| Month 10 | £1,000 | Goal reached |
You will reach your goal in 10 months if you save £100 per month.
Savings scenarios
See how adjusting your monthly contribution affects the time to reach your goal.
| Monthly saving | Time to reach goal |
|---|---|
| £50 | 1 year and 8 months |
| £75 | 1 year and 2 months |
| £100 | 10 months |
| £150 | 7 months |
| £200 | 5 months |
- How does this calculator work?
- Enter your target amount, current savings, and monthly contribution. The calculator then estimates how long it will take to reach your goal in the time to goal result and suggests a higher monthly amount when your plan is too slow.
- Does this work for any type of savings goal?
- It works for any savings target, including a holiday, home deposit, emergency fund, or large purchase. Set the goal amount and your monthly contribution to see the timeline.
- Does this include interest?
- No. This calculator only models regular monthly savings and does not include interest growth. Use the Compound Interest Calculator if you want to include interest in the projection.
- Is there a limit to the savings goal I can enter?
- No limit. Enter any target amount and the calculator shows how long it will take at your current monthly saving rate.
- What if my monthly savings vary?
- Enter an average monthly amount based on the last few months. Recalculate when your income or spending changes so the timeline stays realistic.
- How accurate are the results?
- This calculator provides estimates based on the values you enter. It assumes consistent monthly savings. Actual results may vary due to changes in your savings rate or unexpected expenses.
- How can I make my savings goal more achievable?
- Increase your monthly contribution or extend the timeline. If you need to free up cash each month, cut or pause one recurring expense and redirect that amount to this goal.
- Why is there a suggested monthly savings amount?
- If your goal timeline is too long, the calculator will suggest a higher monthly savings amount so you can reach your target sooner.
- Can I save for multiple goals with this calculator?
- This tool is designed for one goal at a time. However, you can use it multiple times for different goals and then track your progress for each separately.
- What if I reach my goal earlier than expected?
- You could redirect that extra monthly amount toward another financial goal. A common priority is an emergency fund covering three to six months of essential expenses, though what makes sense next depends on your situation.
Calculate how much an investment will grow over time with compounding interest. Enter your principal, interest rate, and compounding frequency to see the future value.
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