Savings Goal Calculator

This calculator works out how much you need to save every month to reach a savings goal by a set date, taking into account the interest your money earns along the way. Rather than guessing a round number and hoping it is enough, it works backwards from your target so you know exactly what a realistic plan looks like. You enter your savings goal, how much you already have put aside, the number of years you have to reach it, and the interest rate you expect your savings to earn. From these figures it returns the monthly amount to save, split into what you contribute yourself and what the interest adds on top, so you can see how much of the goal your own saving is doing versus how much the return is doing for you. This is useful whether you are saving for a house deposit, a holiday, a car, an emergency fund or any other target with a deadline. Because interest compounds monthly in this tool, even a modest rate makes a real difference over several years, so it is worth trying different rates and timeframes to see how they change the monthly figure. Remember that in New Zealand interest earned on savings is taxable, with resident withholding tax usually deducted at your rate, so your real after-tax growth will be a little lower than the gross rate shown here. Use a conservative rate and treat the result as a planning guide rather than an exact figure.

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