My Savings Goals

There are many online calculators you could use, just make sure you pick a Canadian one as other countries will calculate based on the “rules of banking” that happen in their country. Here is a good one to use:

Here is one bank’s current interest rates for different types of investments:

Compare that to another bank, like this:

Try out these scenarios:

  1. By the time you’re 30, you want to have $1 million dollars in Savings. Right now you only have $100 to start your Savings, so that is your initial investment.
  2. If your interest was compounded at 0.1% monthly, how much would you need to deposit each month?
  3. If your interest was compounded at 0.5% monthly, how much would you need to deposit each month?
  4. If your interest was compounded at 3% monthly, how much would you need to deposit each month?
  5. If your interest was compounded at 4% monthly, how much would you need to deposit each month?
  6. If you wanted to save up for an entire university undergraduate tuition, you would need about $80,000. This gives you 6years to do so. You only have $100 for your initial investment right now.
  7. If your interest was compounded at 0.1% monthly, how much would you need to deposit each month?
  8. If your interest was compounded at 0.5% monthly, how much would you need to deposit each month?
  9. If your interest was compounded at 3% monthly, how much would you need to deposit each month?
  10. If you started a long-term savings plan for yourself at 18 years old, let’s see how much you could earn over time. You have $500 to put in as your initial investment, and you put in $200 each month with a monthly rate of 0.5%.If you have a job, following this Savings plan is very easy and will have little impact on your day-to-day spending!
  11. How much would you have in Savings at 25 years old?
  12. How much would you have in Savings at 40 years old?
  13. How much would you have in Savings at 65 years old (retirement)?

By graduation, I want to have $____ saved.

  • How much money do you have for your initial deposit RIGHT NOW?
  • Assuming the monthly compounded interest rate will be 0.1%, how much do you need to put into Savings each month?

Something I want to save up for is ______.

  • This costs $_____
  • I want to buy it in ____ year/s.
  • RIGHT NOW, I have $___ to use for my initial investment.
  • Current interest rates for an investment under $5000 is 0.005% (make sure you put the correct number of 0’s)!
  • How much would you need to put into Savings each month to reach this goal?

Look up 3 banking institutions, and choose 3 good options for Savings accounts for yourself

Name of Institution / Account type (specific account name) / Requirements for having this account (minimum $ amount? Length of time you leave it there? Etc.) / Interest rate (annual? monthly? weekly?)