Savings Goal Planner
Work out how much to save each month to hit your goal on time.
How to use: Enter your goal, what you have saved already, an interest rate and a target date (or number of months). The monthly and weekly amounts appear instantly.
How to use the Savings Goal Planner
Big goals feel easier when they become a small, regular amount. Whether you are building an emergency fund, saving for a holiday, a car, a wedding or a house deposit, this planner turns the target into a monthly and weekly figure.
Enter the amount you want to reach and anything you have already saved. Choose a target date, or the number of months you want to save for. Add the interest rate your savings account pays, or leave it at zero for a cash jar. The planner works out the monthly deposit needed, assuming interest is added every month and you save at the end of each month.
You also see the weekly equivalent, the total you will deposit, how much interest helps and how much of the goal you have already reached. Milestones show roughly when you will pass 25, 50 and 75 percent, which is a great motivation boost. If your existing savings plus interest will reach the goal on their own, the planner tells you.
For best results, set up an automatic transfer on payday for the monthly amount. Remember that interest rates change and that inflation reduces what money can buy over time. All calculations happen privately in your browser.
Frequently asked questions
How is the monthly amount calculated?
With the standard future value of an annuity formula, including monthly compounding on both your current savings and new deposits.
Should I include interest?
If your savings earn interest, yes; it reduces how much you need to save. Use a cautious rate.
Can I save weekly instead?
Yes. The weekly figure is shown below the monthly amount.