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.
Remember:Pay yourself first.