PortioOpen appGuides · By the Portio team ·
Savings goal calculator: how long will it take?
Take the price of the goal, subtract what you already have, and divide by what you can set aside each month: that is the number of months. For a goal of 6,000 with 600 saved and 300 a month, it is 18 months. If you have a date instead, divide by the months until then to get the amount. Type your goal to see both.
- Already saved10%600
- Still to save90%5,400
Setting aside 300 a month, you get there in 18 months. To get there in one year, set aside 450 a month. In two years, 225.
Read the full guide
How do I put a price on a goal?
Find the real number, not a round guess. Look up actual prices and add everything that comes with them.
| Goal | Remember to include |
|---|---|
| A trip | transport, places to stay, food, insurance, spending money |
| A wedding | venue, food, clothes, travel for family, the days after |
| A home deposit | the deposit, fees, moving, first furniture |
| A car | the price, registration, first insurance, first service |
| A course | fees, books, travel, the income you give up while studying |
Then add 10%. Goals cost more than planned far more often than less.
Do I start from the amount or from the date?
Either, and it is worth doing both.
From the amount: what is left to save, divided by what you can set aside, gives the months. 5,400 at 300 a month is 18 months.
From the date: what is left to save, divided by the months you have, gives the amount.
| To be ready in | Set aside each month |
|---|---|
| 12 months | 450 |
| 18 months | 300 |
| 24 months | 225 |
If the amount for your date is more than you can spare, something has to give: the date, the price, or another line in your budget. Better to find that out now than a month before.
Where does the money come from?
From what is left after giving and bills, as its own line with its own percentage. A goal with no line gets whatever remains at the end of the month, which is usually nothing.
If you have no room, take a few points from another goal for a while, not from your bills. How the shares work is in the best way to split your salary.
Should I save for several goals at once?
Two or three, not ten. Money spread over many goals makes each one move so slowly that none feels real.
Put them in order:
- One month of basic costs set aside, before anything else.
- Debts that charge interest.
- The goal with the nearest date.
- The rest.
Why the first two come first is in should you pay off debt or save first.
Where should I keep goal money?
Away from your daily account, in a place that matches how soon you need it. For a goal within three years, safety matters more than growth: the money should be there, whole, on the day.
Give the pot the goal's name if your bank allows it. Money called "wedding" is harder to spend on something else than money called "savings".
How do I get there faster?
- Send irregular money straight to the goal: a bonus, a refund, a gift, money from selling something.
- Move the raise. When your pay goes up, send the difference to the goal before you get used to it.
- Lower the price. A cheaper date, a shorter trip or a smaller venue often saves more than months of extra saving.
- Pause another goal for a while, on purpose and with an end date.
What if I fall behind?
Recount, without guilt. Take what is left and the months remaining, and work out the new amount. Then choose: pay the higher amount, move the date, or lower the price.
Missing one month does not ruin a goal. Stopping the count is what does.
What do I do when I reach it?
Spend it on the goal, and enjoy that it is paid for in full. Then move the monthly amount to the next goal the same month, so the habit continues. Costs that come back every year work the same way, as shown in what a sinking fund is.