Savings calculator

1 min readLast updated December 14, 2023by Charlie Barton

How do you work out how much you need to save?

Calculating how much money you need to save involves several key steps. Here are some basic guidelines:

  1. Determine your financial goals: What do you want to save for? Whether it's retirement, a down payment on a house, or an emergency fund, it's important to have a clear idea of what you're working towards.

  2. Assess your current financial situation: How much money do you currently have saved, and what are your current expenses and income?

  3. Estimate the cost of your goals: Research the cost of your goals, such as retirement expenses or a down payment on a house, to determine how much you need to save.

  4. Set a timeline: Decide how long you have to save for your goals and determine how much you need to save each month to meet your targets.

  5. Adjust your budget: Based on your goals and timeline, adjust your budget to ensure you're saving enough each month to reach your targets.

It's important to regularly review and adjust your savings plan as your financial situation and goals change.


Charlie Barton

Charlie Barton is a writer at Unbiased. He has been writing about personal finance and investing since 2017, with extensive knowledge of platforms and products. Charlie has a first-class degree from the London School of Economics.