How to use the Savings Goal Calculator
- 1 Enter your savings goal.
- 2 Enter what you have already saved.
- 3 Enter the months until you need it.
- 4 Enter your savings rate and read the amount to save.
Worked example
A $20,000 goal in 24 months with $2,000 saved and a 4.5% savings rate. You need to save about $710.66 a month, about $328 a fortnight or $164 a week. Interest adds about $944 along the way. Without interest you would need to save $750 a month, so the savings account rate saves you about $39 a month.
Features
Any pay cycle
Monthly, fortnightly and weekly amounts.
Interest included
Uses your savings account rate.
Clear totals
What you put in and interest earned.
When to use it
Holidays
Save for a trip.
Car
Save for a car without a loan.
Home deposit
Plan a deposit target.
Emergency fund
Build three months of expenses.
Frequently asked questions
How do I reach a savings goal faster?
Automate a transfer on payday, use a high-interest account and add windfalls such as tax refunds.
What is a high-interest savings account?
An account paying a bonus rate when you meet conditions, such as depositing money each month.
Is savings interest taxed?
Yes, at your marginal rate.
How much should an emergency fund be?
Three to six months of essential expenses is a common guide.
Should I pay off debt first?
Pay off high-interest debt such as credit cards before saving beyond a small buffer.
What is bucketing?
Splitting savings into separate accounts for each goal.
Can I save in an offset?
Yes, if you have a home loan with an offset.
How often should I review my goal?
Every few months, or when your income changes.
Does inflation matter?
For longer goals, increase the target to allow for rising prices.
What if I miss a month?
Increase later amounts or extend the date.
Where should I keep goal savings?
A high-interest savings account or offset for short goals, and possibly investments for goals over five years.
Should I use round-ups?
Round-up features help small savings add up without effort.
How do I stay on track?
Name the account after your goal and check progress monthly.
What if my goal is far away?
Consider investing part of it, accepting some ups and downs.
How much interest will I earn?
It depends on the rate and how long your balance sits in the account. Bonus rates often require a deposit each month and no withdrawals.
Should I save weekly or monthly?
Match your savings to your pay cycle. Many people save on payday so the money never sits in their everyday account.
What if I cannot save the full amount?
Extend the deadline, lower the goal or look for small spending cuts. Even a smaller regular amount builds the habit.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Reviewed by ToolsUnlocked Team · Last updated