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Whether you are saving for a property or for a particular goal, it is important that you maximise your savings power. If you have a savings goal in mind like a house deposit, it can be daunting to work out how much money you need to put aside on a regular basis to reach your savings goal.
To use this calculator effectively, you may want to use the budget planner calculator first to find out how much you can set aside or what expenses you can cut down to help with your savings goal. Once you have work out how much you can set aside on a regular basis, then you are ready to use the savings calculator.
How do you calculate savings?
To calculate your earnings power potential, all you must fill in a few details and the calculator will do the rest for you.
- Initial deposit
This is how much savings you have to start with and if you are starting from scratch then simply enter zero
- Regular Deposit
This is the amount that you will regularly deposit into your savings account. If unsure how much you can contribute to your savings, you can use our budget planner to help work out what you can afford to save
- Deposit frequency
Making regular payments into your savings account is a good boost to your savings balance. You can choose from weekly, fortnightly or monthly repayments
- Interest rate
Type the interest rate attached to your savings account. This can be found on your online banking statement
- Saving Term
How long you will be investing your money in an interest savings account
When you deposit money in a savings account, you will earn interest on your deposit which will help build up your nest egg.
Banks generally pays you interest for holding onto your money and the interest is calculated daily. So, the earlier you deposit your savings into a high interest savings account, the faster your nest egg with grow.