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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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Calculation method, coverage and version

Inputs used
Target amount, Starting balance, Time to goal (years), Annual interest rate (estimated).
Calculation approach
The calculator applies the rules and assumptions described in “How it works” to the values you enter. Rounding can cause small differences from an official or provider calculation.
Coverage
Mortgages & Money. UK nations, tax treatment, local rules and provider criteria can differ; check the official sources shown below before acting.
Content version
No page-specific review date is currently published. Treat the result as indicative and verify current rules independently.
Not included unless explicitly requested: personal circumstances not entered, provider discretion, future rule changes, professional fees and case-specific exceptions. Read the full calculator methodology.

Primary sources and official verification

Use these official sources to verify current rules before acting. Coverage and dates can differ across England, Scotland, Wales and Northern Ireland.

See the sitewide source policy.

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 →