Time required to have £5000 Calculator
How long do I have to save each year to have £5000?
Everyone needs a saving goal to give some structure to their money management, and the Time Required To Have £5000 Calculator is a great tool for working out what you want to gain from your saving. Perhaps you want to save £5000 in order to put a deposit on a house, buy a car or make improvements to your home, or perhaps you simply want to have a nest egg to ensure that you have financial security in case of unexpected changes to your circumstances.
Firstly, enter the amount that you are able to save up each year, and secondly, enter the net interest rate that you are earning on your savings. If you are taxed on your interest, you will need to take this into consideration, and your overall interest rate will therefore be lower. Consider putting your money into an Individual Savings Account (ISA), because this means that you will not be taxed on your interest. Everyone in the UK has a cash ISA allowance of £5200 each year, so it is worth making use of this before you consider other saving options. Use the Time Required To Have £5000 Calculator to get your savings onto the right track!