Starlight Tools

Savings Goal Calculator

Calculate the monthly amount needed to reach a deadline, or estimate the date you will reach a goal with a fixed contribution. It also works as a sinking fund calculator for planned costs such as holidays, repairs and annual bills. Your entries stay in your browser.

Your savings plan

Currency choice changes formatting only; it does not convert values.

What does the target amount represent?

A target in today’s prices is increased using your inflation assumption.

Enter a positive amount, before any inflation adjustment.

Money already set aside for this goal.

Planning mode

Choose a future month, up to 50 years away.

Used to compare your current plan with the required amount.

AER/APY already includes annual compounding. We convert it to the equivalent monthly rate; deposits are made at month end.

Only increases the target when “Amount in today’s prices” is selected.

Try a preset

Your result

Required monthly savings – –
Weekly equivalent
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Daily equivalent
–
Estimated goal date
–
Starting balance
–
New contributions
–
Total personal contributions
–
Interest earned
–
Interest share of final balance
–
Final balance
–
Target in today’s purchasing power
–
Estimated future target cost
–
Starting progress
–
Current plan comparison

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Where the final balance comes from
Starting balance New deposits Interest

Balance projection

Balance projection chart. A textual summary and data table follow.

The schedule below provides every chart value.

Estimate only, not financial advice. Rates and inflation can change. Taxes, fees, bonuses, account limits and provider rounding are not included.

Savings schedule

Deposits occur at the end of each month after interest. The final deposit is shortened when necessary so it does not round past the target.

Month-by-month plan
MonthDateDepositInterestCumulative depositsEnding balanceToday’s value

Worked example: £3,000.00 holiday fund

Suppose the fixed future target is £3,000.00, you already have £500.00, the deadline is 12 months away, and you use a conservative 0% AER. The required end-of-month contribution is:

(£3,000.00 − £500.00) ÷ 12 = £208.33 per month

Over the year, new deposits total £2,500.00, interest is £0.00, and the final balance is £3,000.00. Extending the deadline to 18 months lowers the unrounded requirement to £138.89 per month. A real account rate above 0% would reduce the deposit slightly, but rates can change.

Calculation method and assumptions

Let P₀ be the starting balance, PMT the end-of-month deposit, FV the future target, r the equivalent monthly interest rate, and n the number of months.

  • AER/APY conversion: r = (1 + AER)^(1/12) − 1. For example, enter 3% as 0.03 in the formula, not 3.
  • Balance after n months: FV = P₀(1+r)ⁿ + PMT((1+r)ⁿ−1)/r.
  • Plan by deadline: PMT = (FV − P₀(1+r)ⁿ)r / ((1+r)ⁿ−1).
  • Plan by monthly amount: the calculator simulates one month at a time and reports the first month the target is met. This also handles a target that grows with inflation.
  • Zero-interest case: FV = P₀ + PMT × n, so PMT = (FV − P₀) ÷ n. The worked example substitutes (£3,000.00 − £500.00) ÷ 12 = £208.33.
  • Inflation: a target entered in today’s prices becomes future cost = today’s target × (1 + inflation)^(n/12). A fixed future target is not inflated.

Interest is calculated monthly from a constant AER/APY, then the deposit is added. The calculator limits projections to 600 months (50 years) and uses the final shortened deposit in results, the chart, the visible table and CSV.

How to interpret your savings plan

If your current amount is below the required monthly saving, the comparison shows the extra amount needed or how much later the goal may be reached. You can extend the deadline, reduce the target, increase the contribution, or seek a suitable account—but do not assume a higher rate will remain available.

A sinking fund is best understood as a dedicated pot for a known upcoming cost. Emergency savings cover less predictable events. Access needs, deposit limits, tax treatment and risk all matter when choosing where to hold the money.

Editorial owner
Starlight Tools Editorial Team
Reviewed and updated
Review status
Methodology and accessibility reviewed; no qualified financial adviser review claimed.

Sources and further guidance

Savings goal calculator FAQs

How much should I save each month?

Enter your target, current balance, deadline and savings account rate. The calculator solves the end-of-month contribution needed and also converts it to weekly and daily equivalents.

How long will my savings goal take?

Choose Plan by monthly amount and enter what you can save. The calculator projects the first month your balance reaches the target, up to a 50-year planning limit.

What interest rate should I enter?

Use the current AER shown for a UK savings account or the APY shown for many international accounts. Use 0% if you want a conservative no-interest plan.

Is AER or APY the same as a nominal rate?

AER and APY include compounding over a year; a nominal annual rate does not. This calculator converts AER or APY to the equivalent monthly rate using (1 + annual rate)^(1/12) − 1.

Does the calculator include inflation?

Yes, when you choose Amount in today’s prices. The target rises with the inflation rate for the projected duration. A fixed future target is not increased.

When are deposits assumed to happen?

Deposits are assumed to happen at the end of each month, after that month’s interest is added.

What is the difference between a savings goal and a sinking fund?

A savings goal is any amount you want to build. A sinking fund is a savings pot for a known future cost, such as car repairs, a holiday or an annual bill.

What type of account is suitable?

Account suitability depends on access needs, duration, rate, deposit limits, tax and risk. Easy-access cash is commonly considered for short-term or emergency goals; compare current terms before choosing.

What if my savings rate changes?

The calculation holds one rate constant, but real savings rates can change. Recalculate whenever your provider changes the rate or your contribution changes.

How accurate is this savings calculator?

It is an estimate based on monthly compounding, end-of-month deposits and constant rates. Providers may calculate interest daily, round differently, apply tax, fees, bonuses, limits or changing rates.

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