Got a savings target in mind? Like saving for a house deposit, a car, a holiday or a wedding? Or maybe you just want to have a particular amount of cash savings for a rainy day? It can be pretty hard to achieve your savings goals, but it’s even harder if you don’t have some sort of dedicated savings plan.
That’s where a savings goal calculator can help.
Savings goal calculator
If you’re trying to meet a specific savings goal in the not-too-distant future, then try our savings calculator. This savings calculator can help you estimate just how much you’ll need to put aside each month/fortnight/week to reach your savings goal within your time frame.
To use our savings calculator, simply enter:
- Your savings target
- Your savings goal term (how long you have to save)
- Your starting balance
- Your savings account’s interest rate
For example, if you wanted to save $10,000 in three years, and have $1,000 currently in a savings account with a 2% p.a. interest rate, you would need to make fortnightly deposits of $106.30 to reach your target in that time.