Monthly Savings Calculator | moneyfacts.co.uk
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Monthly Savings Calculator

Our monthly savings calculator shows how much your savings will be worth with interest over time. If you have a savings goal, our calculator shows you how long you will need to save to reach it. Just enter how much you plan to save each month, for how long and the interest rate of your savings account or ISA to see what this will be worth in the future, assuming interest is compounded monthly.

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Monthly Plan Savings Calculator

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How much should you save a month?

Expert opinion suggests saving between 20% of your salary each month and having a lump sum equivalent to at least three months’ pay, but how much you can actually put into a savings account each month will depend on your earnings and outgoings. There are money management apps now available that can connect to your bank account and track what you are spending. They then identify opportunities where you might be able to save money. Some bank accounts now allow you to round up your spending to the nearest pound and place your money directly into your savings account – in effect trying to save it before you spend it.

The 1p saving challenge - how does it work?

This became an online trend at the beginning of 2020 to prompt saving for Christmas. You save 1p on day one, then on day two, you save 2p, and each day you increase the amount saved by 1p. When you reach 100, you then move into pounds and pence, so on day 101 you save £1.01. Over a year of 365 days, you could save £667.95.

How many months salary should you save?

Most experts recommend having three months’ salary available. If you are made redundant or are unable to work due to ill health, then this gives you a buffer while you make alternative arrangements.

What does the average person in the UK save each month?

According to Raisin UK, in 2020, the average savings pot in the UK was £9,633.30 and it found that nearly one in five of those over the age of 55 had less than £1,000 saved up.

How much should I save each month for house?

Start with a savings goal – this should be the amount you need for your house deposit. You can then use the calculator above to see how much you need to save each month to reach your goal. You should also consider a Lifetime ISA, because when you save into these, the Government also gives you a cash bonus. We’ve compiled some tips to help you improve your chances of getting a mortgage.

Got your savings goal set?

Once you know how much you want to save each month, you will then need to find a savings account as a home for your money. An easy access account is usually the easiest place to start saving, with the least restrictions on how you can access your money. Our guide to managing your savings account will tell you more about the different accounts available and how often you can typically add or withdraw your money with each type of account.

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