The consistency with which you save money is more important than how much money you save. Those who are wealthy and can save a lot of money will earn more interest, but for the rest of us, even saving a few dollars every week will add up over time.
The longer you have money, the more it's worth, especially if you save it in an account that pays you interest. There are savings accounts at the local bank, and you can find a lot of high-interest savings accounts online. This can really help your money grow as you save it.
Using an automatic deposit service is one way to get into the habit of saving. It's important to set up a regular savings plan, whether you use a retirement or investment plan through your employer or set up a savings account that is "fed" on a certain day of the week from your main bank account. First, figure out how much you can save. Don't say "NOTHING!" If you really don't think you can save any money each week, start with a small amount, like $3. I'm sure you won't miss the $3 a week that is automatically saved through direct deposit or automatic transfer, but if it were up to you to put that $3 away each week, you probably wouldn't get around to it and would spend it at the drive-thru instead.
Overcome Overspending
People often don't have much money to save each week because they spend more than they should. Often, we don't even realise we're doing it. We tell ourselves that lunch at the drive-thru will only cost $5 or that the jeans are on sale, so we're really saving money when we hand the cashier a $20 bill. We can make excuse after excuse for why we need to buy these little things or why it's not a big deal that we do, but the truth is that every time we buy something like this on the spur of the moment, we spend money that could have been saved.
One good thing to try is to write down everything you spend for a week. Write down what you buy every time you use your debit card, credit card, or cash to pay for something. Write what it is and how much it costs. At the end of the week, divide the list into "necessities" and "excessives." Necessities include things like food, loan payments, gas, etc. Excessives are things you could have lived without (take out, pack of gum, the jeans that were on sale). Add up the numbers in the "Excessive Purchases" column to find out how much money you waste in a week that you could have saved. This will help you figure out where you waste money and where you can be more disciplined to save more.
That doesn't mean you shouldn't have any fun in your life. The key is to make a budget that you can stick to most of the time. This means giving yourself some money for fun while still paying your monthly bills and, most importantly, putting money aside every week or month.
Don't pay attention to what your parents told you about money.
Most people are taught things about money when they are kids that make them have money problems as adults. Have you ever heard someone say something like, "Do you think I'm rich?" or "Do you know that money doesn't grow on trees?" When people hear things like this, they start to worry that there isn't enough money to go around.
People who have lived their lives with average amounts of money tend to dislike people who have a lot of money. This is the best way to stop yourself from building your own wealth subconsciously. If you want to be as wealthy as the rich, you shouldn't have negative thoughts about them.
