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Savings Goal Calculator
Free savings goal calculator. Enter your savings target, current balance, monthly contribution, and interest rate to see exactly how long until you reach your goal, with milestone dates, total interest earned, and a progress bar.
Time to Goal
3 yr 10 mo
You'll Reach
February 2030
Interest Earned
£820.72
Total Deposited
£9,200.00
Still Needed
£10,000.00
Milestone Dates
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Frequently Asked Questions
How do I calculate how long it will take to save a set amount?
Divide your remaining savings gap (goal minus current savings) by your monthly contribution to get a rough number of months, this assumes zero interest. For a more accurate figure that includes compound interest, use our savings goal calculator which solves the compound growth formula numerically.
What is a realistic monthly savings rate?
Financial planners generally suggest saving 10–20% of your take-home pay. However, even saving 5% consistently beats saving nothing. If you can automate the transfer the day your salary arrives, you are far more likely to stay on track.
How does interest rate affect my savings goal?
Even a small interest rate makes a meaningful difference over time because of compounding. At 5% annual interest, £200/month grows to around £31,000 after 10 years, compared to £24,000 with no interest. Higher rates from ISAs, savings accounts, or investments compress the timeline significantly.
What is an emergency fund and how much should I save?
An emergency fund covers 3–6 months of essential expenses (rent, food, utilities, minimum debt payments). Start with a £1,000 target if 3–6 months feels overwhelming, having any buffer prevents small emergencies from becoming debt spirals. Keep it in an easy-access savings account, not invested.
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