Quick lump sum calculator

Saving for the future

Weddings, holidays, school or university fees… whether you're thinking about your own future or your child's, saving for a lump sum in advance could make a big difference.

Try putting the amount of money you think you'll need into our calculator. It will work out what an equivalent lump sum would be in the future, taking inflation into account. Then it will give you an idea of how much money you'd need to consider saving each month.

Some Facts & Figures

To help you work out how much you might need to aim for - have a look at the average costs of some big things that people save for.

Wedding - the average wedding costs £20,273 (You and your wedding magazine National cost of a wedding 2008 survey)
University living expenses - in 2009/2010 the estimated average weekly living cost including rent, food and utilities is £183 (University of Edinburgh)
Dream holiday - a P& O world cruise in 2010 could cost around £9,309 per person.

How the calculator works

The calculation assumes 6% investment growth each year, inflation at 2.5% each year and we've assumed an initial charge of 5% and a yearly charge of 1.59%. Scottish Widows has selected these values to provide an approximate monthly savings figure for illustrative purposes only. You should review your needs with a financial adviser before investing. Key Features, together with a projection which is personal to your circumstances will be provided before you make a decision to invest.

We've asked you to input the required amount in ‘today's money' terms. Normally inflation would reduce what you could buy in the future. However, in this calculation we have allowed for the effect of inflation so that the value of your eventual lump sum is maintained. As above we've assumed that inflation will be 2.5% each year in line with the Retail Price Index.

The value of an investment is not guaranteed and can go down as well as up depending on investment performance (and currency exchange rates where a fund invests overseas). You could get back less than you invested.