TaxTips.ca - How much will you have if you save $1 a 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
# of Years	Total Deposited	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: July 19, 2010

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