1. Open a savings account with a bank. Usually you have to open a checking account first and then have at least $25 to open the savings account.
2. Put some money into the account each paycheck. Even if its just $10 or $100. This is how it will grow.
3. Plan your budget. Write down what you earn each week. Write down how much each of your bills are. See if you have any money left. Take what money you have left and put it into savings.
4. If you don't have much money left after bills are paid then try to make some extra money. Maybe a second job, or sell somethings. Maybe try to cut down on some of those bills. Like get rid of cable, or buy cheaper food, or use less electricity. See my post on ways to save money.
5. Find out when your savings account is compounded. Is it monthly or quarterly? If it is quarterly then every three months your banks statement will show how much interest you have earned with the money that you put into savings. If its monthly it will compound it each month.
6. Calculate how much you will have if you keep saving. If you put $10 in savings each month you will have $120 in a year. if you put $100 in each month you will have $1,200 in a year. It give you a goal and something to look forward to.
7. If someone give you some cash for a holiday gift. Put it into savings. Use those dumb gift cards to buy stuff that you need and take the money you saved and put that into savings. Take your tax refund money and put it into savings.
8. Always think of ways to save money. Maybe you will think of something no one else has thought of and then you be a head in the game.
9. Never take money out of savings unless its an emergency like if you need to pay a deductible as a result of a car accident.
10. Decide why you want to save money. If you are saving up to buy something, or saving just for financial security, or saving for a millionaire retirement. Set a goal. How much do you want to have saved in a month? How much in a year? How much in ten years?
11. They say to envision what it will be like once you reach your goal. I have read this but have never really thought about it. What will you do once you reach your goal?
12. Remember the more you have in savings, the more interest you gain.