The short answer: a trackable savings goal has three things: a clear name, a target amount and a target date. From those you can work out how much to put aside each month and see your progress as a percentage.
Step 1: Name the goal
"Save more" is hard to track. "Holiday to Lisbon" or "New laptop" is easy. A specific name also makes it more motivating to look at.
Step 2: Set the amount
Research what the thing will actually cost. For a holiday, add up flights, accommodation, food and activities. For a purchase, check current prices.
Step 3: Choose a date
When do you need the money by? The date turns the goal into a monthly figure.
Step 4: Work out the monthly amount
Monthly amount = (Target − Already saved) ÷ Months left
| Goal | Target | Saved | Months left | Per month |
|---|---|---|---|---|
| Holiday | £1,800 | £150 | 8 | £206 |
| New laptop | £900 | £120 | 3 | £260 |
Made-up example.
If the monthly figure looks too high, the only levers are the amount, the date or how many goals you run at once. Choosing between them is your decision.
Step 5: Log every deposit
Keep a simple log of date, goal and amount. Use a negative number if you take money back out. Then use SUMIF to total each goal.
Step 6: Show progress visually
A percentage complete and a simple progress bar make it easy to see how you're doing at a glance. It's surprisingly motivating to watch a bar fill up.
Frequently asked questions
How many goals should I have at once?
There's no rule. Some people like focusing on one; others prefer several smaller goals running side by side.
What if I miss a month?
Recalculate. Your monthly figure will update based on what's left and the time remaining.
Track them in a template
Our Savings Goals Tracker does all of this for up to 10 goals: progress bars, months left, the monthly amount needed and a status for each goal.
Important: This article is general information to help you organise your money. It is not financial advice and doesn't take your personal circumstances into account. Any figures are made-up examples. For free, impartial guidance, visit MoneyHelper. If you're worried about debt, contact StepChange or Citizens Advice.