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Savings Goal Calculator

Work out the monthly contribution needed to reach a savings target.

Short answer

Future value of regular savings = PMT × [((1+r)ⁿ − 1) / r], where r is the monthly rate. We solve for PMT given your target, starting balance and time.

Goal

£
£
%

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How it works

Future value of an annuity formula, rearranged for the regular payment. Compounding is monthly.

Worked example

Target £10,000, no starting balance, 5 years at 4%: £150.85/month.

Who should use this

  • •Saving for a deposit, holiday or wedding
  • •Building an emergency fund

Common mistakes

  • ×Forgetting tax on interest above the £1,000/£500 personal savings allowance
  • ×Not using a Cash ISA when over the allowance

Frequently asked questions

Should I use an ISA?▾

If your savings interest is over £500-£1,000/year (depending on tax band), a Cash ISA shelters interest from tax.

Related calculators

Compound Interest →Emergency Fund →ISA Calculator →