Don't Delay Your Savings Calculator! (Canadian)

Waiting to begin your savings plan may have an important impact on your results. A delay of even a few years could cost thousands of dollars. This calculator helps show you how much postponing your savings plan may really cost.

Javascript is required for this calculator. If you are using Internet Explorer, you may need to select to 'Allow Blocked Content' to view this calculator.

For more information about these financial calculators please visit: Financial Calculators from KJE Computer Solutions, Inc.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

Financial Calculators from
Dinkytown.net

Don't Delay Your Savings Calculator! (Canadian)

*indicates required.

Years to postpone saving:*This entry is required.Enter an amount between 1 and 45

Savings plan:

Starting amount:*This entry is required.Enter an amount between $0.00 and $10,000,000.00

Years:*This entry is required.Enter an amount between 1 and 45

Rate of return:*This entry is required.Enter an amount between 0% and 20%

Additional contributions:*This entry is required.Enter an amount between $0.00 and $100,000.00

Frequency:*This entry is required.

**FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

If you start now your savings could be KJE1 after KJE2.

Definitions

Starting amount

The starting balance or current amount you have invested or saved. For this calculator, the tool assumes your current savings is earning your annual rate of return whether you decide to delay your new contributions or not. For example, if you have a current balance of $1000 and never make any new contributions, your delayed and non-delayed results will be the same.

Additional contributions

The amount that you plan on adding to your savings or investment each period. The options include monthly, quarterly and annually. This calculator assumes that you make your contributions at the beginning of each period.

Years

The total number of years you are planning to save or invest.

Rate of return

The annual rate of return for this investment or savings account. The actual rate of return is largely dependent on the type of investments you select. For example, the total return including dividends of the S&P/TSX Composite Index for the 10 year period from December 31, 2013 through December 31, 2023 was 8.6% (source www.spglobal.com). Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.

Years to postpone saving

The number of years you might wait before you begin saving. The tool will then delay your new contributions for that number of years.

Frequency of contributions

How often you make contributions to your account. The options include monthly, quarterly and annually. This calculator assumes that you make your contributions at the beginning of each period.

Cost of waiting

The difference in your savings or investment balance between your delayed and non-delayed plans. All returns and total savings are before tax.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.