Open a Savings Account
Alan Williams 
To put your budgeting into action, open a savings account with your bank. Placing money into savings is the most traditional way to build up wealth for the future.
What makes it so effective is that compound interest does all the work for you in terms of growing that wealth.
A paper published in 1994 by USAA shows the impact of starting early with putting aside money into a savings account every month. Assuming you invest $250 every month with an 8% annual return:
•If you start at age 25, you will accumulate $878,570 by age 65;
•If you start at age 35, you will accumulate $375,073 by age 65;
•If you start at age 45, you will accumulate $148,236 by age 65.
In this example, starting at age 25 will earn you $730,334 more than if you only start at age 45.Take a moment to think about that!
Categories: : finance, Investment