The old saying "A Penny Saved is a Penny Earned" is very true, although misleading. Depositing your money into interesting-bearing accounts will increase the amount of saved pennies, especially if you regularly - or even occasionally - deposit additional money into the account. Be patient and you will see the balance increase. Check with your local bank or credit union and ask about interest rates for different types of accounts. If you are willing to deposit money into a term account (one that does not allow withdrawals without a penalty until a specific amount of time has passed), you generally earn higher interest rates than standard savings accounts. Depositing a minimum amount into Certificates of Deposit or similar accounts at staggered times throughout the year allows you to withdraw the balance at the expiration of the account term if you have an unexpected need for the cash. I foolishly did not heed the advice of my elders until I had fettered away more than 30 years of potential savings. If you think about it, putting aside $100 per month for 10 years will give you a nest egg of $12,000. Interest-bearing accounts pay interest on the total balance in the account, earning you interest on top of the interest previously earned on the principal. My two cents: It is never to early to start saving!