Set your target, enter your deadline and current savings, and we'll tell you exactly how much to put away each month.
Enter your target amount, how much you've already saved, your expected interest rate, and the number of months you have to reach your goal. The calculator uses compound interest to work backwards, accounting for the growth of your existing savings and every monthly contribution, to find the minimum you need to save each month.
The interest rate can be the AER (Annual Equivalent Rate) on a savings account or cash ISA. Most easy-access accounts in the UK currently offer between 3% and 5% AER.
A good savings target is specific and time-bound. Whether you're saving for a house deposit, a car, a wedding, or an emergency fund, knowing the exact amount and your deadline makes it far easier to stay on track. As a starting point, most financial planners recommend building an emergency fund of three to six months' worth of expenses before focusing on longer-term goals.
Even a modest interest rate can meaningfully reduce the amount you need to save each month. For example, earning 4% AER on your savings means the interest does some of the heavy lifting, so your required monthly contribution is lower than it would be with no interest at all. The longer your timeline, the greater the effect. To understand how compound interest accelerates growth over time, try the compound interest calculator.