How Much Money Can One Save?

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Half of American adults stated 2022 with a desire to boost their savings. That admirable intention could prove easier for those who developed good savings habits at a young age.

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After all, it’s possible kids who get used to regularly depositing some allowance funds in their piggy bank won’t think twice about setting money aside when higher wages and expenses enter the picture later in life.

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There’s even a significant bonus for young savers: Compound interest, which is the interest earned on interest.

To demonstrate how people can benefit from this mathematical superpower, GoHenry calculated how starting to save as a kid can impact your wealth by calculating how much money one can make if they started saving $1 a day at the age of 5.

If You Start Saving at the Age of 5

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By Age 6 (1 Year of Savings)

[{"selector":"#anim-96a3d325-6738-43ba-9b00-387f2ad65c83","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ded6aefa-f615-4944-ba76-677f5130cdc9","keyframes":{"transform":["translate3d(-259.375%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] - End-of-year amount deposited: $730 - Amount returned: $29.20 - Total end-of-year wealth: $759.20 YAKOBCHUK VIACHESLAV // Shutterstock learn more learn more

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By Age 7 (2 Years of Savings)

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By Age 10 (5 Years of Savings)

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to find out how much you can save by the age of 25

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