How to Set a Realistic Savings Goal

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.