Savings Goal Calculator

Work out how much you need to save regularly to reach your financial target, factoring in compound interest and your existing savings.

Savings Goal Calculator

Target Amount

Current Savings

Timeframe (Months)

Annual Return Rate

Savings Frequency

To reach your goal, save

$1,376 per month

over 60 months to reach $100,000

Total Contributions

$87,566

Total Interest Earned

$12,434

Current Savings

$5,000

Balance Growth Over Time

$100,000$75,000$50,000$25,000$0

Month 1Month 60

Contributions

Interest

The estimated returns shown are before tax. Actual returns may vary depending on your tax situation and the investment vehicle you choose. Interest is compounded monthly in this calculation. Past performance is not indicative of future results.

Frequently Asked Questions

How much should I save each month to reach my goal?

The amount you need to save depends on your target amount, timeframe, existing savings, and expected investment returns. Use this calculator to find the exact amount by entering your goal details. Generally, starting earlier gives you more time for compound interest to work in your favour.

How does compound interest help me reach my savings goal faster?

Compound interest means you earn returns not only on your original contributions but also on the interest already earned. Over time, this creates a snowball effect where your money grows exponentially. Even a modest annual return of 5% can significantly reduce the amount you need to contribute from your own pocket.

How much should I have in an emergency fund?

Most financial advisors recommend keeping 3 to 6 months of essential living expenses in an easily accessible savings account. If you have variable income or are self-employed, aim for 6 to 12 months. Use this calculator to set your emergency fund target and work out a regular savings plan to build it up.

Is it better to save weekly, fortnightly, or monthly?

Saving more frequently (e.g. weekly) means your money starts earning interest sooner, resulting in slightly higher total returns over time. However, the difference is relatively small. The most important factor is choosing a frequency that aligns with your pay cycle so you can stay consistent.

What annual return rate should I use for my savings goal?

For a standard high-interest savings account in Australia, expect around 4-5% per annum. For a diversified index fund, historical long-term returns average around 7-10% per annum before inflation. Use a conservative estimate to avoid falling short of your goal. Remember that returns shown in this calculator are before tax.