I know a lot of people think that they cannot afford to save money because they have too many bills or don’t make enough money every week to actually put anything aside. But for those of you in this situation, I wanted to point out how even $20 a week can add up over a long time. You may not think that $20 is a lot of money and that you have better things to spend it on right now. But $20 is a very attainable goal that you should set for yourself even if you are strapped for cash. The figures below figure you are only putting the $20 into a Money Market Account (Like ING Direct), earning 4.3% interest. Sure, there are ways to make more money on your money, but we are only talking about a safe, automatic investing program. People without a lot of money are always cautious of investing in anything risky, and money market accounts are probably the safest way to invest.

Starting with $0 in the account and depositing $20 per week will help you pile up:

$1,062 in one year.

$2,171 in two years.

$3,328 in three years.

$5,798 in five years. (And enough to pay cash for a decent used car…no car payments!)

$12,988 in ten years.

$21,903 in fifteen years.

$32,955 in twenty years.

$63,650 in thirty years.

$110,835 in forty years.

$183,371 in fifty years.

Did you notice how the money starts to almost double every ten years even though you are still only investing $20? That’s the power of compound interest! I realize it is difficult to think this far out when you are struggling today. But with just a little effort and investing on the safe side, you can still put away a hefty chunk of change over the years. Just think…you can help your young children pay for college, you can pay cash for a new car somewhere down the line, you can fix up your house, you can start putting more away for retirement. Starting at only $20 now, you might be able to do $50 or more every week when you get a little older and start making more money. The earlier you start, even if it is only with $20, the better off you will be. Try to find that $20 every week to put into savings; it will be well worth it in the future!