Savings Goal Calculator
Enter your goal, current savings and monthly amount to see when you'll get there.
About the Savings Goal Calculator
The savings goal calculator tells you how long it will take to reach a savings target given your current balance, monthly saving amount and interest rate.
How to use the Savings Goal Calculator
How long to save £5,000 or £10,000
Roughly how long it takes to reach a savings target by monthly amount, assuming 4% annual interest and starting from £0. More each month — or a higher rate — gets you there faster.
| Monthly | To £10,000 | To £5,000 |
|---|---|---|
| £100/mo | 7y 3m | 3y 11m |
| £150/mo | 5y 1m | 2y 8m |
| £200/mo | 3y 11m | 2y 1m |
| £300/mo | 2y 8m | 1y 5m |
| £500/mo | 1y 8m | 10m |
Frequently Asked Questions
How to Calculate Your Savings Goal
Enter your target amount, how much you can save each month, and your current savings balance. The calculator shows how long it will take to reach your goal and how much interest you will earn.
Tips for reaching a savings goal faster
- Automate it: Set up a standing order to your savings account the day your salary arrives, before you can spend it
- Round up: Use round-up savings apps or manually round every purchase to the nearest pound and save the difference
- One-off contributions: Factor in bonuses, tax refunds, or gifts that could accelerate your goal
- Review monthly: Re-run this calculator each month to stay motivated by seeing progress
Emergency fund first
Before saving for specific goals, most financial advisers recommend building an emergency fund of 3-6 months' expenses in an easy-access savings account. This prevents you from raiding goal-specific savings when unexpected costs arise.