Blog

When it comes to savings, time is money

When it comes to savings, time is money

The younger you are when you start saving, the more you’ll have in the long run. The secret to saving a tidy sum every year is to save throughout the year. Opt for regular deposits, deducted straight from your account. You’ll see how just a few dollars a week or a month can grow into a substantial nest egg.

With the magic of compound return, here’s what saving just $10 per week* could earn:

Weekly deposit of $10

Time span

Amount invested Accumulated return

Total
(Amount invested + return)

After 10 years

$5 200

$2 323,69

$7 523,69

After 20 years

$10 400

$12 267,42

$22 667,42

After 30 years

$15 600

$37 548,80

$53 148,80

Weekly deposit of $50

Time span

Amount invested

Accumulated return

Total
(Amount invested + return)

After 10 years

$26 000

$11 618,47

$37 618,47

After 20 years

$52 000

$61 337,12

$113 337,12

After 30 years

$78 000

$187 743,99

$265 743,99

* Example assumes an investment with an annual compound return of 7%.

Did you know?

Compound return is the return (which includes interest, dividends and capital gains) that is added, at periodical intervals, to amounts invested. As a result your savings grow faster, because return is always calculated on the total balance, which grows steadily.

share this post