Saving Money

When it comes to building wealth no amount is too small to start.

Whether it’s $50, $100 or $1000, every single dollar can be put to good use and, hopefully, be the start of a regular disciplined program of stashing away more $50 lumps.

It doesn’t seem much but investing a small amount on a regular basis is the key and you’ll be stunned at how quickly it grows. The worst thing you could do is think “it’s not enough so I’ll just spend it”.

The one big hurdle is how to make that small amount work hard because, unfortunately, small amounts can often be slugged with high fees. But there are options.

• Open an online savings account.

The fees are minimal and the interest rates are good. But set the account up as your personal “slush fund” where any unexpected excess dollars are shoved whenever they appear. Money an elderly aunt sends on your birthday or an unexpected bonus from work or money saved from giving up the smokes or buying coffee.