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Savings Goal Calculator
What to put aside monthly to reach a target by a date.
What it does. Two questions, one calculation. Either you have a date and need the monthly amount, or you have a monthly amount and need the date. Interest matters less than people expect over short horizons — for a two-year goal, contributions do nearly all the work and the rate is close to noise.
Runs in your browserNothing uploadsNo signupWorks offline
How to use Savings Goal Calculator
- Enter the target amount and anything already saved.
- Set either a target date or a monthly amount.
- Adjust the interest rate to see how little it changes a short goal.
Over short horizons, contributions dominate
Saving £12,000 in two years needs about £500 a month. At 4% interest it needs roughly £480 — the rate saves you about £20 a month.
Over twenty years the relationship inverts entirely, and returns do more work than contributions.
The practical consequence: for anything under about five years, chase the contribution rather than the rate. Moving money for an extra half a percent on a two-year goal is effort spent on the wrong variable, and it usually costs liquidity you may need.
Where to keep it depends on the horizon
| Horizon | Reasonable home | Why |
|---|---|---|
| Under 1 year | Instant access savings | Access matters more than return |
| 1–3 years | Fixed-rate or notice account | Rate is knowable; risk is not needed |
| 3–5 years | Mixed | Depends on whether the date is firm |
| 5+ years | Long-term investment | Time to absorb volatility |
The line most often crossed wrongly is putting a house deposit into equities because the return looks better. It does look better on average, and the average is not what you get on the specific day you need the money.
Automate it and forget it
A standing order on payday outperforms an intention to save whatever is left, and the difference is not small. Saving what remains at month end reliably produces less than saving first.
Increase it whenever pay rises rather than at a fixed date — the increment is invisible if it never reaches the current account.
One caution on this tool and every projection like it: it assumes you make every contribution. Real savings have gaps. Building in a month or two of slippage produces a plan you will actually hit.
Frequently asked questions
How much should I save each month?
Enough that the target is met by the date you need it — enter both and this returns the figure. As a general rule, an emergency fund comes before any dated goal.
Does interest make much difference?
Over one to three years, very little — contributions do nearly all the work. Over twenty years it dominates. Chase the contribution on short goals and the rate on long ones.
Should I invest money I need in two years?
Generally no. Markets are higher on average over long periods, and the average is not what you get on the specific day you need a house deposit. Under about five years, certainty is worth more than expected return.
What if I miss a month?
The plan slips by roughly that contribution. Building one or two missed months into the plan from the start gives you a target you will actually hit.
Is my financial data uploaded?
No. Everything is calculated in your browser and nothing is transmitted or stored on a server.