Savings Goal Calculator
Calculate how much you need to save per week or month to reach your savings goal by a target date.
How much do you want to save in total?
How much have you already saved toward this goal?
When do you want to reach your goal?
Annual interest rate on your savings account. Leave 0 for no interest (e.g. cash under mattress).
Step 1: Enter your total savings goal (e.g. $20,000 for a house deposit or holiday fund).
Step 2: Enter how much you've already saved toward this goal.
Step 3: Pick your target date — when do you want to hit this goal?
Step 4: Enter the interest rate on your savings account (check your bank's current rate). Use 0 if you're saving cash or want a conservative estimate.
Step 5: Click Calculate to see your required weekly and monthly savings amount.
Tip: Most Australian high-interest savings accounts (e.g. ING Savings Maximiser, Macquarie Savings) offer 4–5.5% p.a. (as of early 2026). Entering your actual rate gives a more accurate — and usually lower — required savings figure.
Formula
Without interest: Monthly payment = Amount Needed ÷ Months Remaining
With interest (PMT formula):
Monthly payment = FV × r ÷ ((1 + r)^n − 1)
Where:
• FV = Remaining amount needed after current savings grow with interest
• r = Monthly interest rate (annual rate ÷ 12)
• n = Number of months remainingFrequently Asked Questions
What is the best savings account for a savings goal in Australia?
High-interest savings accounts (HISAs) are the most popular option in Australia. As of early 2026, leading accounts from ING, Macquarie, and Ubank offer rates between 4–5.5% p.a. on balances up to certain limits — but conditions apply (e.g. monthly deposits, no withdrawals). For goals longer than 3 years, a term deposit or diversified investment portfolio may deliver better returns, though with more risk or less flexibility.
Should I use a savings account or invest to reach my goal?
For short-term goals (under 2–3 years), a high-interest savings account or term deposit is usually best — your money is safe and accessible. For longer-term goals (5+ years), investing in low-cost index funds (e.g. Vanguard, BetaShares ETFs on the ASX) could significantly boost returns, but comes with short-term volatility risk. Never invest money you'll need within 1–2 years.
How do I automate my savings in Australia?
The easiest method is setting up an automatic transfer on payday via your bank's internet banking. Transfer your required amount directly to your savings account as soon as your salary hits — this is called 'paying yourself first'. Many Australians also use the 'buckets' method, splitting their pay across separate accounts for bills, spending, and savings automatically.
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