Savings Goals Calculator
This Calculator helps you work out:
How long it will take to reach your savings goals
Steps to take to put your plan into action
For detailed information see disclaimers & assumptions below:
You need to save $ per month
to reach your goal of $ in months
Disclaimers
This is a model not a prediction. Results are only estimates, the actual amounts may be higher or lower. We cannot predict things that will affect your decision such as movements in interest rates.
This calculator is not intended to be your sole source of information when making a financial decision. You should consider whether you should get advice from a licensed financial adviser.
Assumptions
It assumes you reinvest the interest earned back into the savings account.
It makes no allowance for inflation (you should allow for future price increases when setting your savings goal).
It makes no allowance for any income tax payable on the interest earned or for extras such as account or transaction fees.
It uses a constant interest rate for the full savings period and compounds on the same weekly, fortnightly, monthly or annual basis as the frequency of savings payments you select.
It assumes each year is divided into 52 weeks, 26 fortnights and 12 months of equal length and that you make regular savings payments at the start of each period (week, fortnight, month or year as you select).