What Does The Monthly Number Look Like?
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20,000 savings challenge | Free savings goal calculator
Savings challenges are motivating right up to the moment you check the monthly figure. Doing that check first is uncomfortable, but it is the difference between a plan you finish and one you abandon in March.
Break the target down
A twenty thousand target over one year is about £1,667 a month, or roughly £385 a week. Over two years it halves to about £834 a month. Over five years it is around £334. The target has not changed; only the time has, and time is usually the easiest of the three variables to move.
Compare the monthly figure against what is actually left after your fixed costs. If it does not fit, extend the timeframe rather than abandoning the goal. A five year plan you complete beats a one year plan you quit in week six.
Let interest do some of it
On a multi-year target, a savings account paying meaningful interest can cover a noticeable share of the total, so your own deposits do not have to. The longer the timeframe, the larger that share becomes.
Try different timeframes below and watch the monthly number move.
