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How Much You Save When You Save $10 a Day

Wouldn’t it be nice if we all had savings accounts that had some good money in them? Well, it is definitely important to start a savings account and make sure that it is something that you can follow through with. What is the perfect amount for you to start saving? The following is a little help on what you could be saving, and the number to really help you see what it looks like. This is not something that you should take lightly, because it could have a very positive effect on your financial situation. It is important that you take your time and really know what you will be getting yourself into.

Saving $10 a Day!

Now, we realize that this is not something that everybody can do. We are just using $10 to illustrate a point. If you save $10 a day then after one year you will have saved up $3,600. Wouldn’t that be nice? If you keep on this for 10 years then you would have $36,000. Imagine that for a child’s education! That number would just keep growing year to year. Now maybe you cannot do $10, but let’s say you just saved $1 a day. After 10 years you would have saved $3,600. This still is not bad for an education. It just goes to show you that overtime you can really do yourself a good thing by saving some money.

Don’t Forget About Interest!

When we gave you those totals we did not even factor in interest you can make. A lot of savings accounts give you interest if you keep a certain amount of money in them. This could really help that figure grow over that 10 year period. This is when it would be a good idea to ask around about high interest savings accounts. If you want to take a little bit of risk in order to see some reward then this might be a great thing for you to do. Overall, interest is something that can really help your savings experience, so look into its benefit.

How Much Should You Save?

Well, we do not want to tell you what to save because only you know your finances. You have seen that saving even $1 a day can go along way towards helping you. It is best to find some place in between $1 and $10 a day that makes you feel comfortable. Start small until you really get the hang of it. If you are ever in a better financial position then step up your contributions. It is really up to you though because this is your decision. Make sure you are not sitting this one out though. It is important that everyone has some sort of savings plan.

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