Savings Goal Calculator
Work out how long it will take to reach any savings goal at your current contribution rate.
- Total you'll have contributed
- $14,171
This calculator provides estimates only. It is general information, not financial or taxation advice, and doesn't account for your full personal circumstances. Confirm figures with your lender or a licensed adviser before making a decision.
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How this calculator works
Whatever you're saving for — a wedding, a holiday, a car, an emergency fund — the maths is the same: how long it takes depends on your starting balance, how much you add each month, and the interest rate your savings earn along the way, since that interest compounds and contributes to the goal too.
Enter your goal amount, what you've already saved, your monthly contribution, and your savings account's interest rate. The calculator solves for the number of months until your balance — starting balance plus contributions plus compounding interest — reaches the goal.
Worked example: starting with $2,000 saved, adding $400 a month at 4% p.a. interest reaches a $15,000 goal in about 30.4 months — just over 2.5 years.
Small increases in your monthly contribution shrink the timeline more than you might expect, because every extra dollar saved also earns interest for longer. If your goal feels too far away, try the calculator again with a slightly higher monthly amount to see the effect.
Frequently asked questions
- What if I want to know how much to save per month instead of how long it'll take?
- This calculator solves for time given a fixed contribution. To find the required monthly contribution for a fixed timeframe instead, try a few contribution amounts here until the time to goal matches how long you have.
- Does the interest rate make a big difference for short-term goals?
- Less than you might think — over a year or two, compounding interest has less time to work, so your contribution amount matters far more than the rate. It matters much more for goals several years or more away.
- Should I use a savings account or something else for a short-term goal?
- For goals under a few years away, a high-interest savings account or term deposit is usually preferred over volatile investments like shares, since you don't want your goal amount to drop in value right before you need it.