Your savings target
This calculator provides an estimate only. Actual savings growth may differ because of changing rates, fees, taxes or withdrawals.
How the savings goal calculation works
This calculator estimates the monthly contribution needed to reach your target after allowing your starting balance and monthly savings to grow at the interest rate you enter.
Monthly saving = (Target − Future value of starting balance) × r / [(1+r)^n − 1]
Here, r is the monthly interest rate and n is the number of months. If the interest rate is 0%, the remaining amount is simply divided by the number of months.
Worked example
If your goal is £25,000, you already have £5,000, you have 5 years to save, and you expect 3% annual interest, the calculator estimates the monthly contribution needed to reach the target.
Frequently asked questions
What if my starting balance already reaches the goal?
The required monthly contribution becomes £0 because your target has already been met based on the values entered.
Does the calculator assume a fixed interest rate?
Yes. It uses the annual rate you enter as a constant estimate. Real savings rates can change over time.
When are monthly contributions assumed to be made?
This calculator assumes contributions are made at the end of each month.