How the savings goal calculator works
Tell it your goal in today's prices, how much you have already saved and when you want to reach it. It then:
- adjusts your goal for inflation, so you can see what it may cost by the time you get there
- works out how much your existing savings could grow at the rate you enter
- spreads the rest across the months you have, and shows the amount per month, per week and per day
Switch to How long it will take if you already know what you can put aside each month, and it will estimate when you could reach your goal.
Why include inflation?
Many central banks, including the Bank of England, the US Federal Reserve and the European Central Bank, aim for inflation of around 2% a year. Actual inflation can be higher or lower. Try the higher inflation scenario to see how much difference it makes, or enter your own figure.
Tips that make saving easier
- Save on payday. A standing order the day you are paid means the money is set aside before it can be spent.
- Think weekly. A weekly figure can feel more manageable than a monthly one.
- Give every goal its own pot. Separate pots, sometimes called sinking funds, make progress easy to see.
- Track it. Seeing a progress bar move is motivating. Our Savings Goals Tracker does this for up to 10 goals.
Frequently asked questions
How much should I save each month to reach my goal?
Take your goal, adjust it for inflation over your timeframe, subtract what your current savings could grow to, then spread the rest across the months you have. The calculator does this for you and shows the monthly, weekly and daily amounts.
Why does inflation make my goal bigger?
Prices usually rise over time, so something that costs 10,000 today is likely to cost more in a few years. Adjusting for inflation shows what your goal may cost when you actually reach it.
What interest rate should I enter?
Enter a rate that reflects where you plan to keep the money, for example the rate on your savings account. If you are not sure, enter 0% to see the figure with no interest at all. Rates can change and are not guaranteed.
Can I use this for a house deposit, wedding or holiday?
Yes. It works for any savings goal with a target amount and a timeframe, such as an emergency fund, a house deposit, a wedding, a car or a holiday.
Does the calculator save my information?
No. Everything is worked out in your web browser and nothing you type is stored or sent anywhere.
Important: This calculator is a planning tool that works with the figures and assumptions you enter. It is general information, not financial advice, and it does not take your personal circumstances into account. Interest, investment growth and inflation are not guaranteed. For free, impartial guidance, visit MoneyHelper.