Calculators

Savings Calculator

The foundation of any good budgeting plan is the ability to save money, and set funds aside for the things that really matter to you

Use this calculator to estimate how much you could save by making regular deposits to your savings account over time.

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.

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)

Being able to save regularly is a key to financial fitness

Sometimes all it takes to start saving is a few minor adjustments to your budget. Before joining MyBudget, Tom was in a good financial position but suspected he could do better with his money, which is why he requested to meet with one of our personal budgeting experts to look over his finances with him. Tom says, “Since joining MyBudget, they’ve given me a structure to work with and I’ve been able to save a lot more money.”

MyBudget’s mission is to free you from your money worries and help you achieve your financial goals sooner. To find out how far your money can go, contact us today to book your free personal budgeting consultation.