How much should I save each month?

The amount you should save each month depends on your goal, timeframe, and current savings. A common rule of thumb is the 50/30/20 rule — save at least 20% of your after-tax income. For specific goals like a house deposit, holiday, or emergency fund, use a savings goal calculator to work out the exact monthly amount needed based on your target and timeline.

How long will it take to save $100,000?

The time to save $100,000 depends on your monthly savings and interest rate. Saving $1,500 per month at 5% interest, starting from zero, it would take approximately 4 years and 10 months. Saving $2,000 per month at the same rate would take about 3 years and 10 months. Starting with existing savings significantly reduces the timeframe.

What is the best savings account rate in Australia?

Australian savings account rates vary by provider and change frequently. As of 2026, competitive high-interest savings accounts offer between 4.5% and 5.5% p.a. for balances up to certain limits, often with conditions like depositing a minimum amount each month. Compare rates regularly and consider whether bonus conditions suit your saving habits. Term deposits may offer higher rates if you can lock your money away.

Savings Goal Calculator

Enter your savings goal, current savings, and interest rate. Calculate how much you need to save per month, fortnight, or week — or find out how long it will take to reach your target with a fixed monthly contribution.

Last verified: 1 July 2025

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General information and estimates only — not financial, tax, or legal advice. Always verify with Services Australia.

Savings Goal Calculator

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