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Savings Calculator

Begin your financial planning journey with our Savings Calculator. Saving money serves diverse purposes, whether it’s for significant investments like homes and new cars or for future needs such as college tuition, weddings, vacations, or retirement.

No matter the motive behind your savings, failing to plan for these events ahead of time can lead to unfavorable financial consequences. Utilize our calculator to calculate the total accumulation in your savings account when following a regular deposit arrangement.

Determining the amount you can save on a regular basis is a difficult task for many households due to the fluctuations in income and expenses. With several payments coming in and going out, it can be difficult to ascertain the actual amount of leftover cash flow each month.

However, to simplify this process, budget tracking tools can be utilised where all spending categories and income can be categorised, and the system can determine the current net leftover cash flow each month. (or deficit, if you’ve been spending more than you earn!)

Once this amount is established, the spending can be reviewed to identify any unnecessary expenses that can be removed to calculate a final savings amount. To ensure that these savings aren’t accidentally spent, it’s advisable to transfer the funds on the day of receiving the payment.

In the event of a windfall, such as a random lump sum payment, it can be added to the savings pool or used to pay off an existing loan.

Why Save?

Saving money can bring numerous benefits for Australians, including financial security, reduced debt, increased purchasing power, retirement planning, education funding, covering health expenses, facilitating home ownership, achieving financial independence, wealth accumulation, and stress reduction.

By building up a savings account, you can feel more secure knowing that you have a safety net to handle unexpected expenses or emergencies. You’ll also have extra funds to pay off debts more quickly, which can help you avoid costly interest charges.

Saving money can also give you more purchasing power, allowing you to make larger purchases, such as a car, house or holiday. Moreover, it can help you plan for your retirement, ensuring that you’ll have enough funds to maintain a comfortable lifestyle once you stop working.

In addition, having savings can help you cover education costs for your children, as well as medical expenses not covered by health insurance.

Furthermore, by saving money, you can accumulate a deposit for a home loan, making it easier to purchase a property and potentially saving you money on rent in the long run. You’ll also be less reliant on credit cards or loans to fund your lifestyle, which can lead to greater financial independence and stability in the future.

Finally, saving money can reduce financial stress and improve overall well being. By feeling more in control of your finances, you can enjoy greater peace of mind and a sense of accomplishment.

Need More Savings Advice?

If you need assistance in planning towards your savings goal of buying a home, consulting with an Excellence Finance mortgage broker can prove beneficial. However, it’s important to note that the calculations provided by the savings calculator do not account for all fees and charges.

The results are only estimates and should not be relied upon solely when making a loan decision. As interest rates and costs can fluctuate over time, borrowers should seek the advice of a qualified Excellence Finance Mortgage Broker Australian Credit Licensee or Authorised Credit Representative, taking into account their individual circumstances.

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