What is the Savings Goals Calculator for and why should you use it?  

How Long will it Take for me to Reach my Savings Goals?

The best time to start saving money is the moment you start earning income. Each one of us will have different priorities in life. Some may be saving for a short-term goal, like a vacation, whereas others may be saving for a long term goal, like a house deposit. Whatever your goal is, reaching it will take time, effort, and a strategy. 

If you already have a number in mind on how much you want to save, using our savings goal calculator can help you find out just how long it will take for you to achieve it. 

This calculator will be able to tell you how many months or years it will take you to reach your money goal. To use this calculator, you will need to enter your details, including the following:

• Current balance in your savings account

• The amount of your saving goal

• Your regular monthly deposit

• Deposit frequency

• The interest rate of your savings account

Results will show you how long it might take you to reach your saving goals. This is helpful information so you can calculate how much money you need to save on a regular basis and the timeframe to achieve your saving goal. 

How can I Increase my Savings?

You may find yourself not being able to save the money you need for the future. However, there are many easy ways to help increase your savings. See below for some handy tips to help boost your savings balance.

• Put your money in a high-interest savings account or a term deposit. You can also try investing it in an account that can earn through compounding interest.

• Limit your unnecessary spending, for example cutting back on subscriptions you don't need or reducing your groceries and bills to help your savings grow faster.

• Think first before you buy things, and give yourself some time to think about significant purchases.

• Create, adjust, and stick to your budget. You can use mobile apps or put them in a spreadsheet so you can easily track your expenses to see if you are staying within your budget.

• Try automating your savings so you can easily transfer your funds to your savings account. This can be helpful in instilling discipline with your money, so you only spend what's left after saving.

• Sell any items that you no longer need.

• Learn new ways to earn more money outside of your main income, for example doing freelancing in your spare time. Earning more can help you save more.