Free savings tool
Savings goal calculator
Set a savings goal and a timeline, and this calculator shows how much to set aside each month, week, or day to reach it. Saving $5,000 in a year with no interest is about $417 a month. It's free, runs entirely in your browser, and works for any goal you have in mind.
What do you want to work out?
Try a goal
Leave blank for simple math. This is the rate your own savings account pays, not Lodavo. A common Canadian benchmark is the Bank of Canada policy rate (2.25%, June 2026). Lodavo pays no interest. It adds free weekly draw tickets for what you save.
Your plan
$417
a month
to reach $5,000 in 1 year.
That's about $96 a week, or $14 a day.
- Your savings
- $5,000
- Total at your goal
- $5,000
How we calculate this
By default the math is simple division: your goal minus anything you've already saved, split evenly across the months in your timeline. So $5,000 over 12 months is about $417 a month, with no interest assumed.
If you add a rate, we treat your monthly amounts as deposits at the end of each month and compound the interest monthly. That's a conservative estimate, so the real result is usually a touch better. Numbers are rounded and meant as a guide, not financial advice.
Rate benchmark: the Bank of Canada policy rate (2.25% as of June 2026). Everyday savings-account rates vary, so check your bank’s current rate.
How much should I save each month?
To save a set amount by a deadline, divide your goal by the number of months. To reach $5,000 in a year, that's about $417 a month; over 18 months it's about $278; over two years about $208. Pick the timeline whose monthly number fits your budget, then make the transfer automatic so you don't have to think about it. Any interest your account pays is a small bonus on top.
The math is the easy part. Keeping it up is the hard part, and that's where a goal you can feel helps: Lodavo gives you free tickets in a weekly draw for every week you keep saving, so a far-off goal feels a bit more exciting in the short term too.
Frequently asked questions
How much should I save each month to reach my goal?
Divide your goal by the number of months in your timeline. For $5,000 in a year, that's about $417 a month; in 18 months, about $278; in two years, about $208. Pick the timeline whose monthly number fits your budget, then automate the transfer so it happens on its own.
How long will it take to save a certain amount?
Divide your goal by what you set aside each month. Saving $278 a month, a $5,000 goal takes about 18 months. Switch to the “How long it takes” mode above to enter your monthly amount and see the timeline.
What savings rate should I use in the calculator?
Leave the field blank for simple math with no interest. For a benchmark, the Bank of Canada policy rate is 2.25% as of June 2026. Everyday savings-account rates vary, so enter your bank’s actual rate if you know it.
Does Lodavo pay interest or hold my money?
No. Lodavo is a prize-linked savings app, not a bank. It never holds, moves, or touches your money. You save in your own Canadian bank account, and Lodavo gives you free tickets in every weekly draw for saving consistently.
How much should I save for an emergency fund or a car?
For an emergency fund, many people aim for about $5,000 first, then three to six months of essential expenses. For a car, a down payment of 10 to 20 percent of the price is a good target. Set your goal and timeline above to see the monthly amount.
Keep going
Canada’s first prize-linked savings app
You've got your number. Lodavo makes hitting it the fun part.
Free tickets in a weekly cash draw for every week you keep saving. The more you save, the more chances you get.
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