Free calculator

How much should you save each payday?

Pick a goal, and we'll break it into a payday-sized amount you can actually stick to, plus the date you'll get there. Your numbers stay in your browser.

Savings goal

Already saved

Every dollar you already have shortens the climb.

How often you'd save

Match this to your payday. It's the easiest habit to keep.

Time to get there

In months.

Amount you'd save each time

Interest rate (optional)

A typical high-interest savings account rate. Use 0 for a cash jar.

Your deposits

–

Interest earned

–

You'll end up with

–

Your savings, growing

The green line is your balance. The dashed purple line is your goal.

How this calculator works (and a rate trap to avoid)

Deposits are assumed to go in at the end of each period, and interest compounds once per period at your annual rate divided by the number of deposits per year. Results are estimates, and rates can change over time.

Watch out for teaser rates: many banks advertise promotional savings rates of 4% or more that quietly drop below 1% after a few months. When comparing accounts, look at the ongoing rate, not the promo. As of 2026, realistic ongoing high-interest savings rates in Canada are roughly 1.5% to 3.5%.

TFSA tip: interest earned in a regular savings account is taxable income. If you have contribution room, holding your savings inside a Tax-Free Savings Account lets the interest grow tax-free.

And the golden rule of saving: automate it. Set up an automatic transfer for payday so the money moves before you can spend it. You'll stop relying on willpower, which is exactly what makes savings plans stick.

This calculator is a self-help tool for your independent use and is not intended to provide financial or investment advice. Results are estimates based on the information you enter. Interest rates vary by institution and over time. If you'd like help finding room in your budget to save, our credit counsellors are happy to help at 1-888-527-8999, free and confidential.