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Work out how much you need to save per week, fortnight, or month to reach your savings goal. Factor in compound interest and existing savings.
Time frame
When do you want to reach your goal?
Compounding
How interest is calculated
Common Savings Goals
To work out how much to save each week, start with your target amount and subtract any existing savings. Divide the remaining amount by the number of weeks until your deadline. If you're earning interest on a high-interest savings account, the required weekly deposit will be lower because compound interest does some of the heavy lifting. For example, saving $50,000 over 3 years at 5% p.a. requires about $290/week instead of $320/week without interest — that's $4,700 saved by interest alone.
Australian savers benefit from competitive high-interest savings accounts (up to 5.5% p.a. in 2025), government schemes like the First Home Super Saver (FHSS), and simple automation. Set up an automatic transfer from your everyday account on payday — "pay yourself first" before discretionary spending. Many banks offer bonus interest for depositing a minimum amount each month with no withdrawals. Compare rates regularly, as promotional rates frequently change.
High-interest savings accounts
As of 2025, several Australian banks offer 5%+ p.a. on savings accounts with conditions (monthly deposit, no withdrawals):
Rates change frequently. Always compare at comparison sites before opening an account.
Tips to reach your goal
The power of compound interest
Saving $100 per week at 5% p.a. compounded monthly:
That's $15,171 in interest alone over 10 years — money earned while you sleep.
Government co-contribution
The First Home Super Saver (FHSS) scheme lets first home buyers save for a deposit inside their super fund. You can contribute up to $15,000 per financial year (max $50,000 total) as voluntary contributions. The tax benefits can save you thousands compared to a regular savings account:
Visit ATO FHSS scheme for eligibility and current limits.
The formulas
Without interest:
weekly = (goal - savings) / weeks
monthly = (goal - savings) / months
With compound interest:
FV = PV(1+r)^n + PMT((1+r)^n - 1)/r
Solving for PMT:
PMT = (goal - PV(1+r)^n) × r / ((1+r)^n - 1)
Where:
r = annual rate / 12
n = total months
PV = current savings