A saving goal gives you something concrete to work towards.

You might already know what you are saving for, roughly how much you need and when you would like to have the money. But it’s ok if you don’t have all the answers yet. An estimate is enough to get started.

For bigger goals, think about the costs that come with them as well as the headline amount. For example, buying a car might also involve insurance and other upfront costs. A wedding or holiday may include several separate expenses. Adding these up can give you a more realistic idea of what you want to save.

Work backwards from your goal

Once you have an amount and a timescale, you can see what reaching your goal might involve.

For example, if you wanted to save £1,200 over 12 months, that would mean putting aside an average of £100 a month.

Try different amounts and timescales to see how they change what you would need to put aside. The result is a starting point, not an amount you have to save.
 

Check what works alongside your other costs

A saving plan needs to work with the money you have available now.
Before deciding how much to put aside, think about:

• your regular essential costs
• bills or other spending you know are coming up
• existing saving commitments
• how much flexibility you normally have from month to month

This can help you choose an amount that feels realistic, rather than focusing only on when you want to reach your goal.

If your income or costs vary, you may prefer to think about what you could put aside over a longer period rather than committing yourself to exactly the same amount every month.

If the numbers do not quite add up

Sometimes the amount you'd like to save does not fit comfortably with your current budget. That doesn’t mean you need to abandon the goal.

There are several parts of a saving plan that can change:

Give yourself more time
Extending your timescale means you can spread the amount over more months.

Change the amount you are aiming for
You might decide that a lower-cost version of your original goal would still give you what you want.

Change how much you put aside
If your circumstances improve, you might choose to increase what you save. If things get tighter, you can reduce or pause your contributions.

Add extra money when you can
You may sometimes have money available outside your regular saving amount. You might decide you want to put some of it towards your goal. 
 

Give yourself some room for the unexpected

The final cost of your goal may not be exactly what you first estimated. You might want to think about whether your target leaves room for prices changing or costs you had not originally considered.

You can also keep this saving goal separate from any money you have put aside for emergencies. This can make it easier to see what is available for your goal without relying on money intended for something unexpected.

Think about when you’ll need your money

Knowing approximately when you want to use your savings can help you think about where to keep them.

Before choosing a savings product, check:

• when you can withdraw your money
• whether there are restrictions on withdrawals
• whether you can continue adding money to it
• what return you could receive

These features may matter differently depending on your saving timescale and how certain you are about when you will need the money.

Saving with NS&I

NS&I is the nation's savings bank, backed by the UK government. We offer different ways to save, with different approaches to access and returns. If you're thinking about saving for something special, then we might have an account that works for you.

Get to know our products with this simple tool:

Question 1

When might you want to access your money?

You might need it at any time You can lock it away for a year or more