How much should I save each month?

A common guideline is to save 20% of your income. But any consistent amount helps - even $50/week adds up to $2,600/year plus interest.

Where should I keep my savings?

High-interest savings accounts offer flexibility and better rates than transaction accounts. Term deposits lock in rates but restrict access.

Can I adjust my goal over time?

Yes. Life circumstances change. Re-run the calculator whenever your income, expenses or target amount changes.

Savings Goal Calculator

Calculate how long it takes to reach your savings goal

Enter your savings goal, current balance and monthly contributions to see when you'll reach your target. This calculator accounts for compound interest to give you an accurate timeline.

Savings Goal Details

Enter your savings goal and current situation

Target Amount ($)

Current Savings ($)

Monthly Contribution ($)

How much you can save each month

Annual Interest Rate (%)

Expected annual return on your savings

Goal Timeline

How long until you reach your goal

Time to Goal

3.0 years

(36 months)

Final Balance

$50,530

Total Contributions

$46,000

Interest Earned

$4,530

Progress Breakdown

Month 12

Contributions: $22,000

$22,842

+$842 interest

Month 24

Contributions: $34,000

$36,340

+$2,340 interest

Goal Reached!

Contributions: $46,000

$50,530

+$4,530 interest

Savings Growth Over Time

Track your contributions and interest growth toward your goal

How to Use This Calculator

1Enter your savings target amount
2Enter your current savings balance
3Set your planned monthly contribution
4Enter the interest rate you expect to earn
5See how long until you reach your goal

How Does This Calculator Work?

This calculator projects when you'll reach your savings goal based on your current balance, monthly contributions and expected interest rate.

It uses compound interest to show how your savings grow over time. The timeline accounts for interest earned on both your deposits and accumulated interest.

What Affects Your Timeline?

Target amount: A larger goal takes longer to reach, but compound interest helps.
Current savings: Starting with more means less time to your goal.
Monthly contribution: Higher contributions dramatically shorten the timeline.
Interest rate: Better rates accelerate growth, especially over longer periods.

Reaching Your Goal Faster

•Automate your savings with scheduled transfers on payday
•Look for high-interest savings accounts or bonus saver accounts
•Consider term deposits if you don't need access to the funds
•Review and increase contributions when you get pay rises

Frequently Asked Questions

Official Sources

Moneysmart savings goals

Estimates only. Not financial or tax advice. Full disclaimer for your rights and our limitations of liability.

Rates and thresholds last updated for the 2024–25 financial year.

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