Simple Savings Calculator: How Much Should You Save Daily, Weekly, Annually?

Studies show that people have a hard time comprehending large numbers, and for me personally, the thought of saving $1 million was overwhelming. I found it a lot easier to take it one day at a time and break out my target into daily, weekly, and annual savings goals. While it was initially difficult for me to reach my daily savings goal, it got easier over time.

This calculator makes it easy to see how saving even $5 per day adds up. Your money will grow incredibly quickly!

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To achieve financial independence, here's what you'd need to save depending on your timeline and saving frequency:


How to Use the Savings Calculator

A simple savings calculator breaks down your goal of financial freedom into more digestible, easy-to-manage amounts.

By inputting just a few bits of information, you can quickly see how much you’ll need to save each day, week, month, and year before reaching your target amount.

Here’s what you need to add to the calculator:

  • Financial Freedom Target: This is the amount you want to save to reach early retirement.
  • Current Freedom Savings: This is how much you currently have in all savings and investment accounts
  • Expected Investment Annual Return: This is the yield you anticipate earning within one year. Keep in mind that the average APY nationally is 0.42%, but you may earn more depending on the types of accounts you have, including high-interest ones. You can adjust the percentage scale in the calculator to match your expected return.
  • Years to Financial Freedom: This is where you set your goal for how soon you want to reach financial freedom. You can adjust the scale to see how much you will need to save for any given period of time. Obviously, a 10-year goal for financial freedom will require much more savings than a 25-year goal.

So, How Much Should I Be Saving?

While this simple savings calculator can show you how much you’ll need to save in a given time period to reach financial freedom, it’s important to be realistic and consistent with your savings goals, depending on your income and expenses.

Keep in mind that it’s ideal to have an emergency fund of 3 to 6 months of basic expenses saved up. You can use our emergency fund calculator to help you determine that amount.

But overall, consistency is more important than setting lofty goals that you can’t meet each month. It’s better to start small and stick with that amount, then increase your savings when you are able.

Frequently Asked Questions

How much money will I have if I save $5 each day for a year?

It might seem like an insignificant amount, but $5 a day can add up over time. Depending on your estimated APY, you can put away at least $150 a month and $1,825 a year. If you’re having trouble sticking to a savings goal, try just sticking to the $ 5-a-day goal. You’ll see the payoff when you have a good start on your emergency fund or have enough money to pay for a family vacation or put a downpayment on a new car.

How much does the calculator suggest saving each week?

The amount the calculator suggests saving each week will depend on your financial freedom target and your current savings. For example, if your target is $1 million in 15 years with a 1% APY and $12,000 currently saved, you’d need to put away $1,168 weekly to meet your goal. You can adjust the calculator’s settings to come up with a savings plan that matches both your needs and your budget.

Is there a limit to the number of times you can use this calculator?

No. There is no limit to the number of times you can use this calculator. The calculator is free and simple to use, so it can be a great planning tool for you in terms of reaching your financial freedom target. You can also revisit this calculator as your needs, income, or expenses change to adjust your savings goals.