Your savings goal
Increase the monthly amount to see how quickly your target date moves forward.
Set a goal. Save with purpose.
Increase the monthly amount to see how quickly your target date moves forward.
UNDERSTAND THE TOOL
A savings goal becomes easier to manage when it is translated into a target amount, current balance, regular contribution and expected timescale. A calculator can show the relationship between those variables and help you test different plans.
Goal Saver compares the target with your starting balance, applies the monthly contribution and, where selected, an assumed annual interest rate. It estimates how many months are required and the approximate target date.
Interest assumptions are only estimates unless the rate is guaranteed. Savings rates can change, contributions may be missed and tax treatment can vary, so the target date should be treated as a planning forecast.
With a £5,000 target and £1,200 already saved, £3,800 remains before interest. At £250 per month, the target is a little over fifteen contributions away if interest is ignored; increasing the contribution pulls the date forward.
No. It depends on contributions arriving as planned and on any interest assumptions used.
Use a conservative rate if the account pays interest, or set it to zero for a simpler contribution-only plan.
Update the starting balance after a lump sum and recalculate the plan.