How much should I have in an emergency fund?

Financial planners recommend 3-6 months of essential expenses (rent/mortgage, food, utilities, insurance, transport). For a single person, this is typically $10,000-$20,000. For families, $20,000-$40,000. Keep it in a liquid, accessible savings account — not invested in shares or locked in a term deposit.

What's the First Home Super Saver Scheme?

The FHSS scheme lets you make voluntary contributions to super (up to $15,000/year, $50,000 total) and withdraw them for a first home purchase. The tax advantage means you save faster: contributions are taxed at 15% in super vs up to 47% in your hand. You must apply through the ATO to access the funds.

Should I save or invest?

For short-term goals (under 3 years), save in a high-interest account or term deposit for safety. For medium-term goals (3-7 years), consider a balanced mix. For long-term goals (7+ years), investing in diversified assets typically provides higher returns despite short-term volatility.

Savings Goal Calculator

Calculator

Calculate how much you need to save each month to reach your financial goal by your target date.

Free to useNo data storedAI insightsUpdated: February 2026

Whether you're saving for a home deposit, a dream holiday, or building an emergency fund — having a clear savings goal and plan makes you significantly more likely to succeed. Research shows people who set specific savings targets save 73% more than those who don't. This calculator tells you exactly how much to put aside each month, factoring in your starting savings and the interest you'll earn along the way.

Enter Your Details

Real-World Examples

Home Deposit Saver

Ava wants to save $80,000 for a home deposit in 3 years. She has $15,000 saved and earns 4.5% in a savings account.

Ava needs to save approximately $1,788/month. With interest earnings of ~$4,500 over 3 years, the total effort is less than it seems. She could also explore the First Home Super Saver Scheme for tax advantages.

Emergency Fund Builder

Raj earns $75,000/year and wants a 3-month emergency fund ($15,000) in 12 months. He has $2,000 saved.

Raj needs to save $1,070/month. At 5% interest, he'll reach his goal slightly ahead of schedule. That's about $250/week — achievable by reviewing subscriptions and dining out habits.

Frequently Asked Questions

Glossary

50/30/20 Rule

A budgeting guideline suggesting 50% of after-tax income goes to needs, 30% to wants, and 20% to savings and debt repayment.

Emergency Fund

Money set aside to cover unexpected expenses or loss of income. Should cover 3-6 months of essential living costs, kept in a liquid account.

Bonus Interest

Extra interest paid by savings accounts when you meet certain conditions each month, such as depositing a minimum amount or not making withdrawals.

Related Tools

Compound Interest Calculator

See how your savings grow with compound interest over time.

Term Deposit Calculator

Lock in a guaranteed rate for part of your savings.

Net Worth Calculator

Get a full picture of your financial position beyond just savings.

How to Use

1Enter your total savings goal amount.
2Input how much you've already saved toward this goal.
3Set your timeframe — when do you need the money?
4Add the interest rate on your savings account.
5Select what you're saving for to get tailored insights.

Key Information

The 50/30/20 rule suggests putting 20% of after-tax income toward savings and debt repayment.
Australian first home buyers need a minimum 5% deposit, but 20% avoids Lenders Mortgage Insurance.
High-interest savings accounts in Australia currently offer 4.5-5.5% (conditions apply).
An emergency fund should cover 3-6 months of essential living expenses.

Pro Tips

Set up automatic transfers on payday — 'pay yourself first' before spending on wants.
Use a separate savings account for each goal to track progress clearly.
Look for savings accounts with bonus interest for meeting monthly deposit conditions.
If your goal seems unachievable, try extending the timeframe or reducing the target — any progress is good progress.

Avoid These Mistakes

Setting an unrealistic savings target that leads to burnout and giving up.
Keeping savings in an everyday transaction account where it's easy to spend.
Not accounting for inflation on long-term goals — $50,000 in 5 years buys less than $50,000 today.
Forgetting to adjust the plan when income changes (pay rise = increase savings, not spending).

Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Interest rates, fees, and policies change frequently. Always verify information with lenders directly. This is general information, not personal financial advice. Consider seeking advice from a licensed mortgage broker or financial advisor.

Last updated: February 2026