With the new year just around the corner, it's time to dust off those old savings goals and make a fresh start. Whether you're looking to build up an emergency fund or save for a big purchase, cutting back on unnecessary spending is key.
But how quickly can you reach your financial targets? The good news is that making small changes to your daily habits can add up over time. And with the power of compound interest working in your favour, you could be surprised at just how fast you can make progress.
Let's take a look at how long it'll take you to reach your savings goals using our handy calculator. We've assumed an interest rate of 4% paid yearly, but feel free to adjust this to suit your individual needs.
Assuming you start saving regularly and make some minor adjustments to your spending habits, here are some rough estimates of how quickly you could reach different savings targets:
* Emergency fund: £1,000 in six months
* Big purchase: £5,000 in two years
Of course, these are just rough estimates, and the actual time it takes will depend on a range of factors, including your current financial situation and the amount you're able to save each month.
The good news is that making small changes to your daily habits can add up over time. By cutting back on unnecessary spending and saving regularly, you could be surprised at just how quickly you can make progress towards your financial goals.
So why not give it a try? Download our handy calculator and start making plans for the new year today. With a bit of discipline and determination, you could be on your way to achieving those savings targets in no time.
Our calculator will take into account the interest rate you choose and help you work out exactly how much you'll need to save each month to reach your goals. And with our handy breakdown of projected savings progress, you can see just how quickly you're getting there.
So what are you waiting for? Get started today and make this year one to remember!
But how quickly can you reach your financial targets? The good news is that making small changes to your daily habits can add up over time. And with the power of compound interest working in your favour, you could be surprised at just how fast you can make progress.
Let's take a look at how long it'll take you to reach your savings goals using our handy calculator. We've assumed an interest rate of 4% paid yearly, but feel free to adjust this to suit your individual needs.
Assuming you start saving regularly and make some minor adjustments to your spending habits, here are some rough estimates of how quickly you could reach different savings targets:
* Emergency fund: £1,000 in six months
* Big purchase: £5,000 in two years
Of course, these are just rough estimates, and the actual time it takes will depend on a range of factors, including your current financial situation and the amount you're able to save each month.
The good news is that making small changes to your daily habits can add up over time. By cutting back on unnecessary spending and saving regularly, you could be surprised at just how quickly you can make progress towards your financial goals.
So why not give it a try? Download our handy calculator and start making plans for the new year today. With a bit of discipline and determination, you could be on your way to achieving those savings targets in no time.
Our calculator will take into account the interest rate you choose and help you work out exactly how much you'll need to save each month to reach your goals. And with our handy breakdown of projected savings progress, you can see just how quickly you're getting there.
So what are you waiting for? Get started today and make this year one to remember!
I feel like i've been putting off making those savings goals for ages, but now that you mention it, cutting back on unnecessary spending is key... 
like i know i can do better than buying coffee every morning 
️ maybe i'll try to save just £5 a day instead of £10? 
what do u think it's crazy how making small changes can add up over time tho? 
. I've seen people struggle to save even half of that much. Let's be real, making small changes might add up over time but it's not as simple as just cutting back on unnecessary spending and voilà! 
. I mean, who wants to know exactly how much they need to cut back on avocado toast and lattes per month? It's like, come on, can't we just aim for a vague "cutting back" goal instead of a super specific savings target? And what's with the 4% interest rate? Is that even realistic for most people? I'm all about making small changes, but these numbers are just gonna make me feel like I'm never gonna hit my goals 
.
And what's with the £1k emergency fund in 6 months? That's just unrealistic for most people. They'll be lucky if they can scrape together enough for a week, let alone 6 whole months 
. My friends and I were all about living life on the edge – partying every weekend, traveling whenever we could, and just generally trying to spend our money as fast as possible 
.
. Suddenly, all this spending we used to do just didn't add up anymore. She had to think about how much she could afford to spend on things like childcare and rent 
. It was a wake-up call for all of us.
. I had to get used to living on my own income and cutting back on non-essential spending 
. But it's funny – now I look back at those partying days and think, "Man, what a waste of money!" 
. I've been saving for a big purchase and it's taking me like 3-4 years to get there, so I don't think £5k in 2 years is too ambitious for some people. Plus, interest rates can fluctuate, what if the rate drops? You gotta make sure you're setting realistic goals and not overestimating how much you'll save 
. I think I'd need some more time to get my finances in order before I can even think about reaching that goal 
. But hey, if making small changes and adjusting your spending habits regularly can add up over time, then I'm all for it! 
. The line starts slow at first, but as time passes, it gets steeper and faster 
.
. Maybe start small, like saving an extra £20 a month or something, and see how that goes. Don't wanna set yourself up for disappointment later on 
. And with compound interest on your side, you'll be surprised how fast you can reach those savings targets. I'm definitely downloading that calculator and making a plan 