How much should I save each month?

It depends on your goal, your timeframe, and the interest you earn. This calculator works backwards from your target to the monthly amount needed, taking into account any savings you already have and the return on your balance.

Does the interest rate make a big difference?

Over short periods the rate has only a small effect, but over many years it can noticeably reduce the amount you need to save, because the interest does some of the work. Try changing the rate to see the impact for your timeframe.

Is the interest taxed?

In New Zealand interest is taxable and resident withholding tax is usually deducted at your rate. This calculator shows the gross return, so your real after tax result will be slightly lower. Use a conservative rate to allow for that.

Savings Goal Calculator

Find out how much to put away each month to reach a savings goal. Enter your target, what you have saved so far, how long you have, and the interest rate you expect. The calculator works backwards to the monthly contribution needed, and shows how much you contribute versus how much the interest adds.

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Savings goal

Saved so far

Years

Interest rate

to save each month

You contribute$0

Interest earned$0

How it works

The calculator grows your current savings at the chosen rate, then works out the regular monthly amount needed to make up the rest by your target date. Interest compounds monthly, so part of your goal is met by the return on your balance rather than your own contributions.

Worked example

To reach $20,000 in 3 years with $2,000 already saved and 4% interest, you would need to save about $460 a month. Your contributions add most of it, while the interest adds a few hundred dollars over the three years.

Related calculators

Savings Calculator: project a savings balance.
Compound Interest Calculator: compound growth.
House Deposit Savings Calculator: save a house deposit.
Emergency Fund Calculator: build a safety buffer.

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