Savings goal calculator

Reach your savings goal on time.

Work out how much to put aside each week, fortnight, or month to reach a deposit or savings target by a set date, allowing for the interest your balance earns along the way. Everything runs in your browser and nothing you enter is saved or sent.

RBA cash rate: 4.35% (as at August 2026)

How the savings goal calculator works

The calculator works backwards from your goal. It takes your target amount, your starting balance, the interest rate, and the time you have, and solves for the regular deposit that gets you there exactly on time.

Two things build your balance: the deposits you make, and the interest they earn along the way. Because interest compounds, part of your goal is met by growth rather than deposits, so the amount you need to put in is a little less than dividing the gap by the number of payments.

This calculator assumes each deposit is made at the start of its period, so it starts earning interest straight away. This is the same convention the common reference calculators use. If deposits were instead counted at the end of each period, the required amount would be slightly higher. If your starting balance would grow past your goal on its own, the required deposit is shown as zero.

Worked example: Starting with $10,000, aiming for $50,000 in 10 years at 6.00% with monthly deposits, you need about $193.12 a month. Over the 10 years you deposit roughly $23,174 and earn around $16,826 in interest to reach the $50,000 goal.

Assumptions

Deposits are assumed to be made at the start of each period.
Interest compounds each period at the rate you enter.
The interest rate is assumed to stay constant for the full saving term.
If your starting balance alone grows past your goal, the required deposit is shown as zero.
Interest earned on savings may be taxable. This calculator does not account for tax on interest.

Frequently asked questions

How much do I need to save each month to reach my goal?

It depends on your target, what you have already saved, your interest rate, and your timeframe. Enter those above and the calculator solves for the exact weekly, fortnightly, or monthly deposit. As a quick example, going from $10,000 to $50,000 in 10 years at 6.00% needs about $193.12 a month.

Does this calculator assume deposits at the start or end of each period?

At the start of each period, so each deposit begins earning interest immediately. This matches the common reference savings calculators. Counting deposits at the end of each period would produce a slightly higher required deposit for the same goal.

Is interest earned on savings taxable?

Generally yes. Interest on savings is usually assessable income in Australia. This calculator shows the interest you would earn but does not deduct any tax on it, so your after-tax result may be a little lower.

What savings interest rate should I use?

Use the rate on your savings or offset account. If you are unsure, a conservative rate is safer, because a lower assumed rate means you plan to deposit a little more rather than fall short of your goal.

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Important

The results from this calculator are estimates for general information and education only. They are based on the assumptions stated and the figures you enter, and do not take your personal circumstances, lender policies, or eligibility into account. They are not financial advice, credit assistance, or an offer of credit. Speak to a licensed finance broker or your lender before making decisions. Broker Codex is a directory platform and does not provide credit assistance.