Monthly savings calculator

An emergency fund, a wedding, a deposit — pick the goal and the date, and we'll tell you exactly what to put away each month.

Your goal

£
£
Time to save
Interest rate (AER)
Save each month
£0
You'll pay in
£0
Interest earned
£0

Or flip it around

£

Tip: with PocketSorted Assistant you save these once and every calculator fills them in for you.

Your money

£
After tax — what actually lands in your account. Add a partner's if it's a joint decision.

Your other outgoings

£
£
Energy, groceries, phone, loans, cards — and those little subscriptions that add up.
£
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Estimates only. Assumes interest is paid monthly at a fixed rate and deposits are made at the end of each month. Real rates change and some accounts limit withdrawals or deposits.

How much do I need to save each month to reach my goal?

Take your target, subtract what you have already saved, and spread the rest over the months until your deadline — interest then does some of the work. This free calculator works it out with monthly compounding at your account's AER, and can also tell you how long a fixed monthly amount would take.

Worked example

A £5,000 emergency fund in 12 months, with £500 already saved, in an account paying 3.5% AER:

Goal£5,000
Already saved£500
Save each month£368
You pay in£4,412
Interest earned£88

You would need to save about £368 a month to reach £5,000 in 12 months. These are the calculator's starting figures — change them above for your own answer.

How does the monthly savings calculator work?

  1. Name your goal and enter the target amount.
  2. Enter what you have already saved and how many months you have.
  3. Set the interest rate (AER) your account pays. Interest is added monthly at a fixed rate, with deposits at the end of each month.
  4. We show the monthly amount, the weekly equivalent, what you pay in and the interest earned.
  5. Flip it round: enter what you can save each month to see how long the goal will take.

Monthly savings calculator questions

What is AER?

Annual Equivalent Rate: the total interest you would earn on your savings in a year, with interest added on interest. It lets you compare accounts fairly.

How big should an emergency fund be?

MoneyHelper suggests aiming for three to six months of essential outgoings in an instant-access savings account.

Is savings interest taxed?

Under the Personal Savings Allowance, most basic-rate taxpayers can earn £1,000 of interest a year tax-free and higher-rate taxpayers £500. Additional-rate taxpayers get no allowance. Interest in an ISA is tax-free. Check GOV.UK for your situation.

What if the interest rate changes?

Variable rates move, so treat the result as a guide and re-run it when your rate changes. Saving a little more than the result gives you a margin.

Sources and assumptions

Figures and rates last reviewed 9 October 2026. PocketSorted gives estimates and guidance, not regulated financial advice.