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Money & Finance · Lesson 5 of 14

Saving Towards a Goal

To reach a goal, work out how much is left to save, then divide by the amount you save each time.

What you will learn

  • Find how much is left to save.
  • Work out the time or the amount per week.
  • Show savings on a graph.

Before you start: you should be able to multiply and divide whole numbers and decimals. See Multiplying Prices and Sharing Bills.

The idea

A savings goal is a target amount. Saving means putting money aside regularly. The key question is how much is left and how long it takes to get there.

Line graph: 0 0, 1 10, 2 20, 3 30, 4 40, 5 50Line graph: 0 0, 1 10, 2 20, 3 30, 4 40, 5 50. The scale goes from 0 to 50 in steps of 10.01020304050012345WeekSaved (£)
Saving £10 each week. The line goes up by 10 every week, so after 5 weeks you have £50.

Three questions

  1. How much is left? Goal minus saved so far.
  2. How long? Amount left divided by the amount saved each time.
  3. How much each time? Amount left divided by the time you have.
Sorted into groups: Goal, PlanGoal: £120, £240, £90. Plan: £15 a week, 8 weeks, £30 a month, 8 months, £10 a week, 9 weeks.Goal£120£240£90Plan£15 a week, 8 weeks£30 a month, 8 months£10 a week, 9 weeks
Three goals with a saving plan. Divide the goal by the amount saved each time.

Worked examples

Example 1: How long

Goal £120. You save £15 a week.

  1. 120÷15=8120 \div 15 = 8.

Answer: 88 weeks

Example 2: Amount left

Goal £90. Saved £35. Saving £11 a week.

  1. Left: 90−35=5590 - 35 = 55.
  2. 55÷11=555 \div 11 = 5.

Answer: 55 more weeks

Example 3: Per week

£200 in 1010 weeks.

  1. 200÷10=20200 \div 10 = 20.

Answer: £20 a week

Tip: work out the amount left first. It makes every other step simpler.

Why it matters

Saving for a phone, a trip or an emergency uses the same few steps. For money that grows by itself, see interest and percentages.

Practice

Your turn. Type or choose an answer, then press Check. Getting one wrong is fine, that is what practice is for. You can try as many times as you like.

Question 1 of 8

You want to save £120 and save £15 each week. How many weeks will it take?

Question 2 of 8

A goal is £240 and you have £60. How many pounds do you still need?

Question 3 of 8

You still need £180 and save £30 a month. How many months?

Question 4 of 8

A goal is £90. You have saved £35 and save £11 each week. How many weeks to go?

Question 5 of 8

You save £2.50 a day. How many pounds do you save in 1414 days?

Question 6 of 8

You start with £25 and save £8 each week. How many pounds after 1010 weeks?

Question 7 of 8

To save £200 in 1010 weeks, how many pounds a week must you save?

Question 8 of 8

Which chart best shows your savings growing week by week?

Choose one answer