How much do you need to save to achieve your lump sum?
If you know your end goal, the amount you need, and the time you have to achieve this, then working out how much to save is a relatively simple calculation.
For example, at present, if you want to save $50,000 for house renovations in three year’s time, you should put aside around $16,777 each year.
The earlier you start saving, no matter how small or large the amount, the better off you will be. Remember every little bit helps!
DISCLAIMER: These calculators are intended to provide an estimate only of the amount of money you will need to achieve your financial goals. Figures assume a growth rate after tax, fees and inflation of 3% p.a. These figures offer no guarantee of future performance. All dollar figures are expressed in real terms, i.e. they have today's purchasing power. Financial advice from a professional financial planner should always be taken.