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Save $1 Per Day

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Financial Planning -> Save Money -> Save $1 per day

How much will you have if you save $1 per day?

# of
Years
Total
Deposited
Future Value at Various
Rates of Return
5% 7.5% 10%
5 $1,825 $2,017 $2,120 $2,228
10 3,650 4,591 5,164 5,817
20 7,300 12,069 15,806 20,905
30 10,950 24,250 37,741 60,040
40 14,600 44,092 82,949 161,546
50 18,250 76,412 176,123 424,827
60 21,900 129,058 368,160 1,107,708
Assume:   $365 is deposited at the end of each year for the # of years above
Return is compounded annually
Above amounts are pre-tax

If you start saving $1 per day when your child or grandchild is born, and this is continued for 60 years, it is possible they might have enough to retire just from the $1 per day.  Note that this table is not referring to RRSPs, but to deposits to a savings, brokerage or other non-registered account.

If you can save $3 per day, just multiply everything above by 3, or if you save $5 per day, multiply the above numbers by 5, etc.

Try our Annual Income Calculator to see what annual income will be provided by your investments.

Tax tip:  Pay yourself first!

 

Revised: January 23, 2011

 

 

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