Savings Calculator

Work out how your savings could grow with regular deposits and interest — whether you are saving for a holiday, a house deposit or a financial safety net.

What it does

Enter your savings goal, your starting balance, how much you can put away regularly and an interest rate, and the calculator projects how your balance grows over time and when you would reach your target.

How to use the result

The projection is an estimate based on the figures you enter. Real outcomes differ — interest rates change, deposits get missed, and life intervenes. Treat it as a planning tool, not a promise.

Two things usually matter more than the interest rate: how consistently you can deposit, and whether the money is somewhere you will not dip into.

From estimate to actual plan

A calculator tells you what is possible. A budget is what makes it happen — money set aside before it can be spent elsewhere, and an emergency buffer so one unexpected bill does not undo months of saving.

MyBudget maps income, expenses and savings 12 months ahead and automates the transfers, so saving does not depend on remembering.

Important information

This calculator provides general information only. It does not take your personal circumstances into account and is not personal financial advice. MyBudget is not a licensed financial adviser and does not recommend specific savings products, accounts or interest rates. For advice on financial products, speak to a licensed financial adviser.

Other free tools

The Money Hub also offers a personal loan calculator, a home loan repayment calculator and an income tax calculator, plus downloadable budget templates.

To talk through a savings plan, call 1300 300 922 for a free appointment.

What is the MyBudget Savings Calculator?

The MyBudget Savings Calculator is a free online financial tool that helps you plan, calculate, and forecast your savings goals and financial objectives, estimating how long it could take to reach a savings goal.

What inputs do you provide to the Savings Calculator?

You input financial information including your starting balance, regular deposit amounts, interest rate, and investment timeframe.

What results does the Savings Calculator provide?

It provides detailed projections showing your final balance after the savings period, total deposits you've contributed, and total interest earned through compound interest accumulation.

How does the Savings Calculator handle interest?

The calculator applies compound interest calculations, where interest is calculated daily and added to your savings balance monthly, so you earn interest on both your initial deposits and previously earned interest, allowing savings to grow exponentially over time.

What practical goals can the Savings Calculator help with?

It can help with planning emergency fund targets, house deposit planning, estimating travel costs for a holiday, saving for specific purchases like a wardrobe upgrade, and tracking progress toward savings goals.

Can you test different savings scenarios with the calculator?

Yes, the tool lets you test different scenarios by experimenting with various savings contributions and timeframes, set achievable targets based on realistic savings amounts, and visualize the real-world impact of your financial decisions over time.

Is there another MyBudget tool that pairs with the Savings Calculator?

Yes, the Savings Calculator is frequently paired with the Goal Setting Template to provide an integrated approach to financial planning and goal tracking.

Who publishes the Savings Calculator page?

The page is published by MyBudget, as indicated by the site's publisher metadata.

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