**Question:** How much would you need to save every day in order to have one million dollars?

**Answer:** Depends on your timeline.

*(the following examples assume a 5% annual interest rate)*

If you want to save a million bucks in ten years you would need to save $211 every day. But if you give yourself twenty years you would only need to save $80 per day.

Or maybe it’s easier to think about saving money in terms of weeks. If you want to save a million bucks in ten years you would need to save $1,483 per week. If you give yourself twenty years you would need to save $560 per week.

Or maybe you prefer to think of savings in terms of months. To save a million bucks in ten years you would need to save $6,440 per month. If you give yourself twenty years you would need to save $2,433 per month.

But what if your goal isn’t $1 million? What if it’s $2 million? Or only half a million? Or maybe just $10,000?

Fortunately for you, the following three charts show how much you need to save each day, each week, or each month to reach your savings goals.

*All three grids assume you are starting from $0 and that your savings grow at an annual interest rate of 5%. All numbers in the grids are rounded to the nearest dollar.*

# The Daily Savings Grid

# The Weekly Savings Grid

# The Monthly Savings Grid

## Some Interesting Observations

- To save half a million dollars in 10 years or less you need to save at least $100 per day.

- You can save $1 million dollars in 20 years by saving $560 per week.

- You can save $100k in 7 years by saving about $1,000 per month.

- A 22 year-old college grad can have half a million dollars saved by age 42 by saving $280 per week.

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Interesting numbers and helpful to see the various time perspectives.

Just curious – what application did you use to create the grids? Excel or Sheets (or something else)? I also enjoy using conditional formatting for visual trending.

I used Excel to create the grids. The conditional formatting is also one of my favorite features, I think it helps highlight the differences between the numbers nicely.