Set your savings goal, deadline and current balance — and see exactly what monthly contribution is needed. Adjust the timeline to find a payment that fits your budget, with a full year-by-year schedule.
| Timeline | Monthly Saving | Total Contributed | Interest Earned |
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Whether you are saving for a house deposit, a car, a wedding or financial independence, the question is always the same: how much do I need to save each month? The answer depends on your target, your deadline, your starting balance and the interest rate you can earn. This planner calculates the exact monthly figure — and shows you the trade-offs if you adjust any of those variables.
To hit a savings goal with a future-value target, the required monthly payment is calculated using: PMT = (FV - PV × (1+r)^n) × r / ((1+r)^n - 1), where FV is the goal, PV is existing savings, r is the monthly rate and n is the number of months. Our calculator handles this and shows you how adjusting the timeline changes the monthly requirement.
For a £40,000 deposit with £5,000 already saved: at 5% AER over 3 years you need approximately £962/month. Over 5 years: £545/month. The interest earned reduces the burden by £1,000–£2,500 depending on timeline. Our tool shows the exact figures for your situation.
For goals with a cost that rises with inflation (like a house deposit if property prices increase), your target may grow while you save. If your goal amount is likely to increase, set the target higher than today's price to account for future cost inflation. Our tool uses a fixed target.
Use this formula: Monthly saving = (Target - Current savings × (1 + monthly rate)^months) × monthly rate / ((1 + monthly rate)^months - 1). Or simply use this calculator — enter your goal, existing savings, timeline and rate, and it calculates the exact monthly amount instantly. The timeline comparison table shows how adjusting the deadline changes the monthly requirement.
Adjust the timeline — our table shows the monthly requirement at 1, 2, 3, 5, 7 and 10 years so you can find a figure that fits your budget. Alternatively, increase the interest rate by choosing a higher-rate account (fixed bonds beat easy-access for known future dates). Even a 0.5% rate improvement on £20,000 over 3 years saves £300 in required contributions.
If you are a first-time buyer under 40, a Lifetime ISA (LISA) offers a 25% government bonus on contributions up to £4,000/year — worth up to £1,000/year of free money. You can save up to £4,000/year and access it tax-free for a first home purchase. Factor the LISA bonus into your monthly savings plan — it significantly reduces the required private contribution.