What next?
Knowing the monthly figure is step one. These tell you whether it survives contact with reality.
How to use this calculator
- Enter your savings goal and how much you have saved so far.
- Add your planned monthly contribution and any interest rate.
- See the time to reach your goal.
What your result means
The result is how long it will take to hit your target at your current saving rate, with interest helping along the way. To increase the amount you save each year rather than holding it flat, the step-up SIP calculator shows what that does over a full term. Saving more each month, or earning a higher rate, shortens the timeline. It assumes steady contributions and a constant rate — useful for planning, though real life rarely runs in a straight line.
Why this one is different
The unknown here is time, not a closing balance: you set the target and the tool returns when you cross it, with an approximate calendar month beside it. Goals that are already met or unreachable get a plain-English answer — "Already there", or a prompt to raise the deposit — rather than a blank or an infinity.
How long until you hit your savings goal
This calculator grows your balance month by month: it adds your regular contribution, then applies one month of interest, and repeats until you reach the target. Because interest compounds on a growing balance, the later months do more of the work — which is why starting early matters more than saving large amounts later.
It shows how long the goal takes, roughly which month you would reach it, how much of the total came from your own contributions, and how much the interest added for free.
Formula
The loop repeats until the balance reaches your goal.
Example calculation
Saving toward a £10,000 goal from £0, adding £250/month at 4% a year:
Month 2: 250 × 1.00333 + 250 = £500.83
… balance passes £10,000 during month 38, at £10,110
Deposits £9,500 · interest earned ≈ £610
Frequently asked questions
Does it account for interest?＋
Yes. Interest is compounded monthly on the running balance, so the estimate reflects growth, not just the sum of your deposits.
Is this a guaranteed forecast?＋
No. Real returns vary year to year and are not fixed. Treat the result as a planning estimate, not a promise, and review it as your rate or contributions change.
What if I cannot afford the required monthly amount?＋
Three levers move the figure: extend the deadline, reduce the target, or increase the return you assume — and the last of these is the one to treat with suspicion, since assuming a higher return does not produce one. Extending the timeline is usually the safest adjustment.
Should I keep this money in savings or invest it?＋
Time horizon decides it. For a goal within about five years, a savings account is generally appropriate because a market fall shortly before the deadline cannot be recovered from. For longer horizons, investing has historically outperformed, at the cost of a value that moves in both directions.
Does this account for tax on the interest?＋
No — the projection is before any tax. Depending on the account type and your circumstances, interest may be taxable, which reduces the effective rate. Tax-free wrappers change the arithmetic in your favour, so check what applies before relying on the figure.
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Assumptions & limitations
Every figure here comes from a simplified model. Keep these limits in mind when reading your result:
- Assumes a steady return and consistent monthly contributions.
- Markets and rates move, so treat the timeline as an estimate.
- Doesn’t account for tax or fees on your savings.