What should you do if you aren’t saving enough to fulfil your savings account target on time? You have two options: transfer your cash to a new account with a higher annual interest rate or devise a method to raise your monthly savings.

According to financial experts, it is widely recommended that you set aside 20% of your after-tax income each month for savings, 50% for needs, and the remaining 30% for luxury products or holidays. This is usually referred to as the 50-30-20 budgeting strategy. Some people may have a different approach since they wish to deposit money for something huge and then save accordingly. In this case, you can use the saving goal calculator.