How fast can you double your savings?

The “Rule of 72” will give you a quick answer to that question.

If you put your savings into an account which pays a consistent 3%, it will take you 24 years to double your savings.

How to figure The Rule of 72:  ….. example….. If you’re getting 3% interest on your account, divide the 3 into 72 and the answer is 24 ……. 72 divided by 3 equals 24

So, when you’re saving, try to find the account(s) that pay the most interest. This, however, is hard these days, as interest rates on savings accounts is practically nil.

The idea is to keep plugging away and save all you can. Remember to always pay yourself first! Because if you neglect to do that every so often, it will sadly become the ‘norm’, and you’ll stop doing it altogether.

And the realization is that it is often a struggle to do this, but in the end, when it comes time for you to retire, you will have a cushy nest egg to use for things you’ve put off doing for years.

Think of it as a gift you give yourself.