How Long to Save Your Goal?
Calculate how long it will take to reach any savings goal in Australian Dollars — from an emergency fund to a home deposit. Free, no sign-up.
Your Goal
Adjust based on the instrument: a term deposit offers a fixed rate known in advance; a diversified share fund may return more, with more risk.
Your Goal Projection
You'll Reach Your Goal In
10y 7mo
March 2037
💬 In Simple Words
Saving $500 every month, you'd reach your goal of $100,000 in 10 years and 7 months. You'll have put in $73,500 out of pocket, and the rest — $26,500 — is the return your money generated on its own.
Monthly Contribution Needed for $100,000
Projections assume a constant return rate. Actual returns vary depending on the instrument and market conditions. This does not constitute financial advice.
How This Calculator Works
👋 Simple Explanation
This calculator answers a simple question: if you save the same amount every month, exactly when do you hit your goal? Want to get there faster? There are only two levers: save more each month, or choose an instrument with a better return (assuming more risk).
The calculator simulates month by month, applying your annual return rate (divided by 12) to your growing balance and adding your monthly contribution each period, until the balance reaches your goal.
To calculate the monthly contribution needed to reach the goal in a specific time frame, the future value formula is used in reverse:
PMT = (Goal − P × (1+r)ⁿ) × r / [(1+r)ⁿ − 1]
Where P = current savings, r = monthly return rate (annual ÷ 12), n = months to reach the goal, and PMT = required monthly contribution.
How to Reach Your Goal Faster
Automate your savings. Set up an automatic transfer on payday, before you have the chance to spend it. "Pay yourself first" is the most effective habit for reaching savings goals.
Check where you're keeping your money while you save. Leaving money in an account with no return means missing out on the chance for it to grow on its own. A high-interest savings account or term deposit is a common option for short and medium-term goals.
Put windfalls directly toward your goal. A bonus, tax refund, or other extra income can significantly speed up your timeline if you direct it straight to savings instead of spending it.
Frequently Asked Questions
- How long will it take me to save $100,000?
- It depends on how much you save each month and the return rate of the instrument you invest it in. Use the calculator above with your own numbers — your monthly contribution and expected annual return change the result significantly.
- What return rate should I use in this calculator?
- It depends on the instrument. A term deposit offers a fixed rate known in advance, which varies by bank and term. A diversified share fund may offer higher long-term returns, with more variability. See the article on superannuation vs. investing outside super for more context before choosing a realistic rate for your situation.
- Is it better to save more each month or look for a higher return?
- Increasing your monthly contribution has a more predictable, direct effect on how quickly you reach your goal. Seeking a higher return can speed things up, but usually means taking on more risk. Combining both strategies — contributing consistently and choosing an instrument suited to your time horizon — is usually the most balanced approach.