Jokuda

Savings Goal Calculator

Work out exactly how much to save each week, fortnight, or month to reach your target on time — with compound interest working for you

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Your Savings Details

Tip: High-interest savings accounts

Many Australian online savings accounts currently offer 4–5.5% p.a. Compare rates before choosing where to park your savings.

Enter your details to get started

Fill in your savings goal and time frame on the left to see your required contributions.

How Compound Interest Works

Compound interest means you earn interest not just on your original deposit, but also on the interest already accumulated. Over time, this creates a "snowball" effect where your savings grow faster and faster.

The formula used:

FV = PV × (1 + r)^n

+ PMT × [((1 + r)^n − 1) / r]

Where r = annual rate ÷ periods per year

Key principles:

  • • Start saving early — time is the biggest factor
  • • More frequent contributions reduce the total cost
  • • Even a small rate difference has a large long-term impact
  • • Reinvesting all interest maximises the compound effect

Australian Savings Strategies

Maximise your interest rate:

  • • Compare high-interest savings accounts from online banks
  • • Consider bonus interest accounts (meet conditions for higher rate)
  • • Look at term deposits for fixed portions of your savings
  • • Use offset accounts if you also have a home loan

Build good habits:

  • • Set up an automatic transfer on payday (pay yourself first)
  • • Round up purchases and save the difference
  • • Increase contributions by 1% each year as income grows
  • • Direct windfalls (tax refunds, bonuses) straight to savings

Disclaimer

  • • This calculator provides estimates only and is not financial advice.
  • • Results assume a constant interest rate compounded at the selected frequency.
  • • Actual savings account interest may be calculated daily and credited monthly.
  • • Tax on interest earnings (if applicable) is not taken into account.
  • • Always seek advice from a licensed financial adviser for your personal situation.

Ready to Start Saving?

Speak to one of our lending specialists about the best savings and investment strategies for your goals