Use our calculator to work out how much savings you will accumulate by a set time.
How do I calculate how much I can save a month?
Working out how much you can regularly save can be confusing for many households as their income and expenses can fluctuate and with many payments coming in and out it is difficult to know how much money is realistically leftover at the end of the month. To assist with this you can use budget tracking tools where you can categorise all of your spending categories and your income – the system will then be able to establish your current net leftover cash flow each month. (or deficit if you’ve been spending more than you earn!)
From there you can look at your spending and see if there is any unnecessary spending you can remove and then calculate a finalised savings amount. It’s recommended to put that savings away the day you’re paid as this will stop you accidentally spending the funds.
If you come up with a random lump sum payment from a windfall you can also add this into your savings pool or on an existing loan.
Do you need help with planning towards your savings goal of buying a home? Speak with a broker today.
Disclaimer: The calculations do not take into account all fees and charges. The results provided by this calculator are an estimate only, and should not be relied on for the purpose of making a decision in relation to a loan. Interest rates and other costs can change over time, affecting the total cost of the loan. Borrowers should consider discussing their individual situation with a qualified Australian Credit Licensee or authorised Credit Representative.