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Savings Goal Calculator

Work out how much to save each month (or fortnight) to reach a goal by a date, or how long it will take at the amount you can afford, with interest from a high-interest savings account.

$
$
years
months
More options· Interest at 4.5% a year
%

Your savings account’s rate, before tax

Save each month

$691

To reach $30,000 in 3 years, with interest at 4.5% a year

A fortnight
$319
You pay in
$24,864
Interest
$2,136

What this means

Set up an automatic transfer to a separate savings account on payday, so the money is put aside before you can spend it. A higher rate helps, but the amount you save each month matters most.

Money you’ll need within about five years is safest in savings, where its value can’t fall. For goals further away, investing may grow faster, but it can drop just when you need it.

Next step

Your plan

AfterPaid inInterestSaved
Year 1$8,288$311$11,599
Year 2$16,576$1,017$20,593
Year 3$24,864$2,136$30,000

Towards your goal

Your savings over time
$40,000$20,000$0
123
Saved so farYou pay inInterestGoal
Assumptions in this estimate
  • Savings are added at the end of each month, and interest at 4.5% a year is added monthly and stays the same throughout. Savings rates change, so check your plan now and then.
  • Interest is shown before tax. Our savings interest calculator works out the tax on it.
  • The goal is in today’s money. If it’s something whose price rises, like a home deposit, aim a little higher.
Spotted a mistake? Tell us

How the calculator works

  1. Your goal and what you’ve saved so far.
  2. How much each month: for a deadline, it works out the monthly amount that reaches your goal, with interest added each month, and what that is a fortnight.
  3. How long: for the amount you can save, it works out how many months it will take.
  4. Interest: at the yearly rate you enter, before tax. It starts at a typical high-interest savings rate: use your own bank’s.

Example

To reach $30,000 in 3 years with $3,000 saved at 4.5%, save about $691 a month, or $319 a fortnight. You’d pay in $24,864 and earn $2,136 of interest. If you can only save $500 a month, you’d get there in 4 years and 1 month.

Tips for reaching a savings goal

  • Automate it: a transfer on payday means the money is saved before you can spend it.
  • Watch the conditions: many bonus-rate accounts only pay the top rate in months you add money and make no withdrawals.
  • Start with an emergency fund of three to six months of essential costs, so a surprise bill doesn’t end up on a credit card.
  • Check your rate: compare it with our savings interest calculator.

Learn more

See our emergency fund guide, the first home buyer guide for deposit schemes, and the budget calculator to find money to save.

Last updated

Frequently asked questions

How much should I save to reach my goal?

Take what you still need, spread it over the months until you need it, and let interest cover a little of it. To reach $30,000 in 3 years with $3,000 saved at 4.5%, you need to save about $691 a month, or $319 a fortnight.

Where should I keep money for a savings goal?

For goals within about five years, a high-interest savings account or term deposit, where the value can’t fall. The Financial Claims Scheme protects deposits up to $250,000 per account holder at each bank, building society or credit union.

Is interest on savings taxed?

Yes, as income at your marginal rate. If you have a mortgage, money in an offset account saves you interest at your home loan rate instead, and that saving isn’t taxed.

Should I save or invest for a goal?

Save for goals you’ll need within about five years, like an emergency fund, a car or a house deposit. For goals 10 or more years away, investing usually grows faster, though it can fall in the short term.

How do I save for a house deposit?

The First Home Super Saver Scheme lets you save up to $15,000 a year, and $50,000 in total, through voluntary super contributions. Salary sacrifice is taxed at 15% going in, which for most people is less than their marginal rate. Our first home buyer guide explains it and the other schemes.