A good savings goal has a target amount, a deadline, and a realistic contribution plan. Breaking the target into weekly or monthly savings can make a big number feel manageable.
Start with the purpose
- Emergency fund
- Moving costs
- Travel
- Car purchase
- Home deposit
Then work backwards
Subtract your current savings from your target, choose a timeframe, and divide the gap into monthly or weekly contributions. If you are earning interest, your required contribution may be slightly lower.
Use the Savings Goal Calculator to build a simple target-based plan.
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