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 is 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 the saving you already do.
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 is 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 hardest part isn't the math, it's keeping it up. That's where a goal you can feel helps: Lodavo turns every week you keep saving into free tickets in a weekly draw, 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 turns consistent saving into free tickets in every weekly draw.
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.
Every week you keep saving earns free tickets in a draw where you can win up to $10,000. The same saving, with a real shot at a prize on top.
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