How long until you hit your goal, or how much to put away to get there by a date.
Time to reach your goal
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Goal reached around–
Number of deposits–
Your money in, including what’s already saved–
Interest earned–
Final balance–
Final balance in today's dollars–
Estimate only. Like Moneysmart’s savings goals calculator, assumes you save at the start of each period, reinvest interest and keep the same rate, with no tax or fees. This calculator is not intended to be relied on for the purposes of making a decision about a financial product. You should consider obtaining advice from a financial services licensee (a licensed financial adviser) before making any financial decisions.
Savings by year
Show the numbers
Year
Deposited
Interest
Balance
Purpose, assumptions and limitations
What it's for: working out how long a savings goal could take, or how much to put away each time to reach it by a date, at an interest rate you choose. It doesn't recommend or compare any savings account.
Today's dollars: Your goal and final balance are in future dollars. When the goal is 2 or more years away, the results also show the final balance in today's dollars: a reminder that a goal set in today's prices (say, a holiday or a car) may cost more by then. The in today's dollars figure divides it by 1 plus the inflation rate for each year until then (the present value), so you can see what it would buy at today's prices. It uses 2.5% a year unless you change it: the middle of the Reserve Bank's 2–3% inflation target, and the default set by ASIC Corporations (Generic Calculators) Instrument 2026/41 (section 6), which asks calculators like this one to show it for amounts 2 or more years away.
Default assumptions and why they're reasonable:
A $10,000 goal, $1,000 already saved and $200 a month: an example, so the page shows a result straight away. Enter your own figures.
4.5% a year, added monthly: an example rate in the range Australian online savings accounts have paid in recent years. It isn't a quote; enter your account's rate.
Deposits at the start of each week, fortnight or month, interest reinvested and the rate never changing: the same method as Moneysmart's savings goals calculator, so you can cross-check a result there.
Limitations and their effect:tax on interest isn't taken off, so the interest you keep will be lower and the goal can take a little longer. Fees, rate changes and bonus-rate conditions aren't modelled, and the goal itself isn't raised for inflation: for a goal priced in today's dollars that's years away, aim a little higher.
Not for product decisions: This calculator is not intended to be relied on for the purposes of making a decision about a financial product. You should consider obtaining advice from a financial services licensee (a licensed financial adviser) before making any financial decisions.
Enter your goal, what you've already saved and your interest rate. Then either enter how much you can save each week, fortnight or month to see how long it will take, or pick a date to see how much to put away each time.
Like Moneysmart's savings goals calculator, it assumes you deposit at the start of each period, reinvest the interest and keep the same rate. Interest compounds daily, monthly, quarterly or yearly as you choose. It ignores tax on interest and account fees. When your goal is 2 or more years away, it also shows the final balance in today's dollars (at 2.5% inflation a year unless you change it), a reminder that prices rise while you save: allow a little extra if your goal is priced in today's dollars.
General information only, not financial, tax or credit advice. Check your situation with the ATO, your state revenue office or a licensed adviser.
Savings Goal FAQs
How long will it take to save $10,000?
Saving $200 a month, with $1,000 already saved, takes about 3 years 5 months at 4.5% p.a. compounded monthly, and 3 years 9 months with no interest.
How much do I need to save each week to reach my goal?
About $86.54 a week saves $9,000 in 2 years with no interest, or about $82.25 a week at 5% p.a. compounded monthly. To work out your own, choose to save by a date, pick weekly and enter your date.
Is interest on savings taxed in Australia?
Yes. Interest is income and is taxed at your marginal rate, which this calculator doesn't include. Money held in a mortgage offset account saves interest that isn't taxed.
Does compounding frequency make much difference?
Only a little. Daily compounding earns slightly more than monthly at the same rate. How much you save and the rate matter far more.
What about saving for a home deposit?
Use this to set a target, then check the stamp duty calculator for the extra upfront costs, and the mortgage calculator for repayments on the loan.