Savings Goal Calculator
Find out how long it will take to reach your savings goal, or how much you need to save each month.
Savings Summary
How the Savings Goal Calculator Works
This calculator determines how long it will take to reach your savings target given your current savings, monthly contributions, and expected interest rate. It accounts for compound interest on your growing balance.
The Calculation Method
Each month, interest is earned on your current balance, and your monthly contribution is added. The calculator iterates month by month until your balance reaches or exceeds the target amount.
If Your Contribution is Too Low
If your current monthly contribution means the goal would take an unreasonably long time (over 50 years), the calculator will show you how much you would need to save per month to reach the goal in 5 or 10 years instead.
Tips for Reaching Your Savings Goal
Set up a debit order to automate your savings. Even small increases to your monthly contribution make a big difference over time. Consider high-interest savings accounts or tax-free savings accounts (TFSAs) to maximise growth. SA TFSAs allow up to R36,000 per year and R500,000 lifetime contributions with zero tax on returns.