How the plan works
Tell the tool what you're saving for, how much you need, and when you need it by. It splits what you still need into equal payments, weekly, fortnightly or monthly. The last payment is smaller, so the plan ends exactly on your goal.
Tick "round up to whole pounds" for easier amounts, like £39 instead of £38.47. You may reach your goal a payment or two early.
Tips to stick with it
- Match it to your payday. If you're paid every 4 weeks, a monthly plan won't line up. Pick weekly or fortnightly instead.
- Make it automatic. Set up a standing order to a separate savings account on payday, so the money moves before you can spend it.
- Print it and tick it off. Seeing the boxes fill up really helps. Stick it on the fridge.
- Use a separate account. Many banks let you set up savings pots. Check any account you use is covered by the FSCS.
What's a sinking fund?
A sinking fund is money you put aside, bit by bit, for a cost you know is coming. Car MOT and insurance, Christmas, birthdays, school uniform and holidays are all common ones. Saving a little each month means the big bill doesn't land on a credit card. Make a plan for each one with this tool.