Savings Calculator
Savings Calculator
It can be challenging to achieve your savings goals without a savings plan. A savings calculator can help you create a plan and give you an indication of how long you'll need to achieve for your savings goals, including adding any interest you may be eligible for on your savings account to reach your goals sooner than expected.
Savings calculations work off 5 keys pieces of information:
- Your starting balance (if any)
- How much you can regularly deposit
- What frequency your regular deposits will be (weekly, monthly etc)
- How long you wish to save for to achieve your goals and
- What interest rate (if any) you’ll earn on your saved amount.
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This type of savings plan can assist with breaking down the overwhelming task of where to begin saving for your financial goals into small weekly or monthly bite sized achievable goals. An example of this, trying to save $50,000 over 3 years sounds quite hard to achieve with no measurable milestones until the goal is reached, where as saving $320 a week for 156 weeks sounds quite doable and easier to keep on track.
If you are interested in purchasing a property but not quite sure which stage you're at, I would love to chat more with you to help set up realistic savings goals and targets around your eligibility. If you know what your aiming for, it’s easier to aim at.
* The calculator below has been provided in good faith as a guidance tool only. Results are not financial advice, are a guide only, and are not a guaranteed outcome or quote. Borrowers should always discuss their individual situation with an Australian Credit Licensee or authorised Credit Representative.