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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 savings account or term deposit.

$
$
years
months
More options· Interest at 4% a year
%

Your savings account’s rate, before tax

Save each month

$581

To reach $25,000 in 3 years, with interest at 4% a year

A fortnight
$268
You pay in
$20,915
Interest
$1,586

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$6,972$231$9,703
Year 2$13,943$756$17,199
Year 3$20,915$1,586$25,000

Towards your goal

Your savings over time
$30,000$15,000$0
123
Saved so farYou pay inInterestGoal
Assumptions in this estimate
  • Savings are added at the end of each month, and interest at 4% 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 savings rate: use your own bank’s.

Example

To reach $25,000 in 3 years with $2,500 saved at 4%, save about $581 a month, or $268 a fortnight. You’d pay in $20,915 and earn $1,586 of interest. If you can only save $400 a month, you’d get there in 4 years and 3 months.

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: some bonus-saver accounts only pay the top rate in months you 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 using KiwiSaver, 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 $25,000 in 3 years with $2,500 saved at 4%, you need to save about $581 a month, or $268 a fortnight.

Where should I keep money for a savings goal?

For goals within about five years, a savings account, notice saver or term deposit, where the value can’t fall. The Depositor Compensation Scheme protects up to $100,000 per depositor at each licensed deposit taker.

Is interest on savings taxed?

Yes. Your bank takes resident withholding tax (RWT) from the interest at the rate you choose, from 10.5% to 39%. Pick the rate that matches your income so you don’t over- or underpay.

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?

Your KiwiSaver can help: after three years as a member, you can usually take out most of it for your first home. Our first home buyer guide explains how, alongside saving each month.