Finance 2026-05-03 5 min read By Konvertibly Team

Savings Calculator: How Long Until You Reach Your Goal?

Plan your savings target using future value calculations — whether you're saving with a lump sum, regular contributions, or both.

Savings Planning: Reaching Your Financial Goals

Whether saving for a house deposit, an emergency fund, or retirement, the mathematics of savings is straightforward: your goal, current savings, regular contribution, and interest rate determine how long it will take and how much you need to set aside each month.

Future Value of Regular Contributions (Annuity)

FV = PMT × [(1+r)ⁿ − 1] ÷ r

PMT = monthly contribution
r = monthly rate (annual rate ÷ 12)
n = number of months

Example: £300/month at 4% for 5 years

r = 0.04÷12 = 0.003333
n = 60
FV = 300 × [(1.003333)⁶⁰ − 1] ÷ 0.003333 = £19,819

Total contributed: £18,000 | Interest earned: £1,819

Required Monthly Savings to Hit a Goal

PMT = FV × r ÷ [(1+r)ⁿ − 1]
Example: Need £20,000 in 5 years at 4%:
PMT = 20,000 × 0.003333 ÷ [(1.003333)⁶⁰ − 1] = £302.50/month

The Effect of Starting Earlier

Save £200/month from age 25 at 6%: £400,290 at 65
Save £200/month from age 35 at 6%: £201,908 at 65
Starting 10 years earlier nearly doubles the outcome on the same monthly input

Inflation Adjustment

If your savings rate is 4% and inflation is 3%, your real return is approximately 1%. For long-term goals, always model in real (inflation-adjusted) terms to avoid overestimating your future purchasing power.

Plan your savings goal: Free Savings Calculator