Savings goal calculator
Work out how much you'd need to save or invest each month to reach a target by a set date, based on a starting amount, a growth rate and charges you choose.
How the savings goal calculator works
It works backwards from your target. It projects your starting amount forward at the growth rate you enter, after charges, then works out the monthly payment that would cover the gap by the end of the period, using the same month-by-month model as our compound interest calculator. Payments are assumed to go in at the end of each month and charges to be taken as a percentage of your balance.
How much difference does growth make?
To reach £50,000 in 15 years from nothing, you'd need to put in roughly:
| Growth a year | Monthly payment | Total paid in | From growth |
|---|---|---|---|
| 0% (no growth) | £278 | £50,000 | £0 |
| 3%, less 0.5% charges | £230 | £41,401 | £8,599 |
| 5%, less 0.5% charges | £197 | £35,432 | £14,568 |
| 7%, less 0.5% charges | £168 | £30,213 | £19,787 |
Higher growth assumptions shrink the monthly figure, but they're assumptions, not promises. Investments can fall, and a goal that depends on high growth is more likely to fall short. Many people plan using a cautious rate and treat anything extra as a bonus.
Cash or investments for your goal?
Time is the main guide. MoneyHelper frames investing around goals more than five years away, because over shorter periods there's a bigger chance markets are down just when you need the money. For a shorter goal, cash, perhaps in a cash ISA, is usually the safer home; set growth to the interest rate and charges to 0. For a longer goal, astocks and shares ISA keeps the growth free of tax.
Things to remember
- Inflation: a target set in today's money will cost more in future. Raising the target by your inflation estimate keeps it realistic.
- Tax: the calculator assumes no tax on growth, which is true in an ISA or pension. Outside them, tax could reduce what you end up with.
- Charges: a 1% difference in yearly charges can change the monthly figure noticeably over long periods.
- Review it: real returns won't be steady, so check progress once a year and adjust your payments.
Sources
This calculator gives illustrations based on the figures you enter and the tax rules shown. It isn't personal financial advice. Our guides are general information and education, not personal financial advice. If you are unsure whether an investment is right for you, speak to a regulated financial adviser.
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