Calculators

Savings Calculator

Savings Calculator

One of the foundations of financial fitness is the ability to save money. Use this calculator to estimate how much you could save and explore how the effect of compound interest can help your savings balance grow.

Explore how your savings could add up and how the effect of compound interest can help your savings balance grow.

Don’t worry if your savings start out small, as they’ll add up over time. For example, by putting aside just $20 a week, you could save over $1,000 within 12 months. What would you do with $1,000 at the end of the year? Buy Christmas presents? Take a holiday?

Want to save more money and reach your goals sooner? You’ll find loads of handy tips in our Money Tools section.

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The best thing we ever did was joining MyBudget

"The best thing we ever did was joining my budget we were able to become debt free and save to build our house which we did last year."

 

- Sharyn H

To use the Savings Calculator, enter the following information:

  • Your opening balance (it can be as low as $0)
  • Type of savings account (everyday or term deposit)
  • Indicative interest rate (usually higher for term deposits than everyday accounts)
  • Term of investment (how many years you will leave your savings invested)
  • Extra deposits (any extra contributions you will make on a regular basis)
  • How often you will make any extra deposits (weekly, fortnightly or monthly)