Want to hit your savings target faster? Try the Investment Growth Calculator and find out exactly how much to save each week or fortnight.
Why you need a savings goal
Having a clear savings goal turns a vague idea into a plan.
Whether you’re building an emergency fund, planning a holiday, or saving for a home deposit, knowing your target and timeline gives you focus and motivation.
Table of contents
What to enter
The calculator only needs a few details:
- Target amount — the total you want to reach (for example, $8,000)
- Current savings — what you’ve already set aside
- Deadline — in months or years (for example, 12 months)
- Expected interest — optional, if you’re earning interest in a savings account
It then works out how much to save each week or fortnight to reach your goal on time.
How it works
Behind the scenes, the calculator uses the future value of a series formula.
In simple terms, it calculates the deposit required (weekly or fortnightly) to grow your balance — including any interest — to the target by your deadline.
Example: hitting an $8,000 goal
| Detail | Amount |
|---|---|
| Target | $8,000 |
| Current savings | $1,200 |
| Interest rate | 3% p.a. (monthly compounding) |
| Timeframe | 12 months |
Required savings: ~$133 per week (or ~$266 per fortnight).
Adjust the interest rate or deadline in the calculator to see how the weekly number moves.
Tips to stay on track
- Automate transfers on payday
- Keep savings separate from everyday spending
- Track progress monthly with the calculator
- Increase savings after pay rises, refunds, or bonuses
Ready to plan your goal? Use the Investment Growth calculator to set a clear target, pick your timeframe, and start building momentum.
FAQ
How accurate is the result?
It’s a projection based on your interest rate and cadence. Actual results vary with your bank’s compounding rules.
Can I include irregular deposits?
This tool assumes consistent contributions. You can periodically bump “current savings” to reflect lump sums.
What interest rate should I use?
Use your account rate, or a conservative 3–4% p.a. If unsure, try 0% to see the pure deposit required.
What if I’m paid fortnightly?
Choose fortnightly so it lines up with your pay — it keeps automation simple.
Disclaimer
General information only. Examples are illustrative and assume steady savings and interest.
Seek personal advice for your circumstances.