Savings Goal Calculator
Calculate monthly saving needed for a goal.
Estimate
How much should I save to reach my goal?
Your required saving amount depends on your target, how much you already have, how long you have to save and any interest earned along the way.
Example: If your goal is £12,000 in three years and you are starting from £3,000, the remaining £9,000 is equivalent to £250 a month before allowing for interest. If your savings earn interest, the amount you need to contribute may be lower.
Starting earlier gives your contributions more time to build and, where interest is earned, more time to compound. Calculator results are estimates and actual savings growth will depend on the rate and terms of your account.
How to use this tool
Enter your savings target, the amount you already have and the time available. UsefulFox calculates the monthly amount needed to close the gap.
Useful example
If your goal is £6,000, you already have £1,200 and you have 12 months left, the remaining £4,800 means an average contribution of £400 per month before any interest.
What can it be used for?
Use it for emergency funds, holidays, home improvements, large purchases and other goals with a clear target and deadline.
Frequently asked questions
1Does this guarantee I will reach my goal?
No. It is a planning estimate; actual results depend on your deposits, withdrawals and any interest or charges.
2What if I already have money saved?
Enter your current balance so the calculator only works out the remaining amount.
3Can I change the target date?
Yes. A longer saving period usually reduces the monthly amount needed.
4Should I include interest?
If interest is available in the tool, include it for a closer estimate; otherwise treat the result as a simple contribution plan.