Reaching a Savings Target
About the savings target calculator
If you don't have a mortgage or other debt, then it is always good to have a savings target or goal. This may be saving up for buying something specific such as a car, holiday or house deposit, or it could just be to help discipline you and stop you from spending money unnecessarily. The savings target calculator will show you how much you need to save each week or month to reach your goal, and how a high interest bank account can help you get there. You may also like our savings calculator.
Enter your savings goal, how much money you're starting with, bank account's interest rate, savings frequency and how long until you'd like to reach your goal. For simplicity, it makes sense for your Savings frequency to be the same as your salary (or other income) pay cycle. The calculator will then show you how much you need to save each period to reach your goal, and how much interest you will earn in that time.