New for 2020: Added support for over 90 additional currencies including Japanese Yen (¥12,345,679), Indian Rupee/Lakh/Crore (₹1,23,45,678.99) & Swiss Franc (CHF12’345’678.99). Click on "More" above.
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Enter a "0" (zero) for one unknown value above.

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Saving a Dollar a Day Calculator

Let's show off the flexibility of this calculator and have some fun while we are at it. (This is particularly fun to do with kids.) How much do you think you'll have if you save just a dollar a day for forty years - a working lifetime? What will be the gain on the savings? That is, how much of the final value will be from the daily dollar saved and how much will be from investment gain?

What do you think?

To try the dollar-a-day calculation, set the calculator this way. (Of course, set the dates as needed and change the interest rate to suite.)

	Savings on Hand (PV) (can be 0):    $0.00

	Periodic Savings Amount?:           $1.00

	Number of Periods to Save? (#):    14,600

	Annual Interest Rate?:               4.5%

	Goal Amount (future value)?:        $0.00

	Today's Date?:                 09/01/2019
	First Deposit Date?:           09/01/2019

	Deposit/Investment Frequency?:      Daily
	Compounding?:                       Daily

Note, I selected 4.5% as the interest rate, not that you will earn that on a bank's savings account. But it's about halfway between the rate-of-return on 10-year US treasury bonds and the average return for the US stock market.

I'll leave it to the reader to do the calculation.

But the interest earned from daily compounding is almost twice the amount the user invested!

This savings plan calculator provides the user with enough flexibility that you should be able to test just about any savings plan. You should find it relatively simple to answer the question, "how will my savings grow?"

5 Comments on “Savings Calculator”

financial online calculator Join the conversation. Tell me what you think.
    • ‘INR’ is not currently supported. However, I could add it, but there are 2 issues. First, the number of characters that can be entered is limited. So adding INR reduces the number of digits by 2.

      Also, for Rupees, I guess you don’t use the decimal character? These calculators currently require it. Even if I added INR, you would only be able to enter INR100.00.

      Also, the Lakh causes a problem Even if the calculators showed INR, it would not display INR 1,50,000. The best I can presently do without a major rewrite is INR150,000.00

      So I’m not sure if that would be useful or not.

  • Hello, is it possible to integrate this calculator in my own web page? I have a website made with wordpress and the FC’s Savings Calculator plugin for wordpress adapts perfectly but it would lack to be able to indicate a Savings on Hand and to be able to choose the Deposit / Investment Frequency and Compounding as in this plugin.

    Thank you very much in advance

    • Hi, this calculator is not a plugin. If you are interested in licensing a version of this calculator for your website, that can be done. Please contact me via the contact link at the bottom of any page.

Comments, suggestions & questions welcomed...

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