How long will it take to reach my savings goal?
Let us know your savings goal and we’ll help to work out how long it will take you to get there.
How the savings simulator works
Enter the amount you want to reach, what you have already saved, your monthly deposit and the expected annual interest rate. The simulator compounds interest every month and tells you how many months it takes to reach your goal, and the date you get there.
Why compound interest matters
With compound interest, the interest you earn also earns interest. The effect is small over one or two years but becomes significant over five to ten years. Starting earlier, even with a smaller monthly amount, often beats saving more later.
Worked example
A couple wants a 30,000 home deposit. They already have 5,000 and save 500 a month at 3% a year. Without interest they would need 50 months; with monthly compounding it takes about 47 months — just under four years. Raising the deposit to 700 a month brings it down to about 34 months.
Which goals to simulate
Home deposit, car, wedding, a sabbatical, a baby's first year or a big trip: any project with a target amount works. Use a realistic rate — what a savings account actually pays today — and test several monthly amounts to find the balance between effort and timing.
Frequently asked questions
Related guides
- How to plan a home purchase →
- Align your goals before buying a home →
- Milestone-based financial planning →