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How Saving a Dollar a Day Can Turn You Into a Millionaire

7bcc145b494742249443501750f40cd7There are a few facts in life that are simply indisputable: The earth is round; the sky is blue; the best ice cream flavor is rocky road and saving money is hard. Real hard.

Everyone dreams of becoming a millionaire, but few ever do. One of the main reasons why is because people simply don’t know how to save. But saving is easy when you know how to do it! In fact, by saving just one dollar a day, you could be well on your way to becoming a millionaire. Here’s how.

Prevent Overspending

Saving a dollar a day will allow you to become more aware of how much money you’re saving … or should be saving. Because you’ll be actively contributing money into a savings account, you’ll have a better grasp on your finances. It will also make it easier to only purchase the necessities and become more frugal with what you’re willing to pay for groceries, fuel, etc.

But while a dollar a day won’t make you a millionaire anytime soon, putting that money in a compound savings account actually can. Compound interest can turn even the smallest sum into a fortune — it just takes time. Take a look at this compound interest calculator for more information.
Work Towards Financial Goals

Aside from the fact that you’re consistently growing your savings, the act of setting aside a dollar a day will also prove to be invaluable to your spending habits and your relationship with money. Saving a dollar each day will allow you to become more aware of the importance of saving on a consistent basis and can help you to work towards specific financial goals.

You may save a dollar a day for this year and then begin saving two dollars a day in the coming year. You can also decide to use the $365 that is saved in a year to put towards investments that can eventually grow into a million dollars. $365 can easily buy small positions in hundreds of small-cap value stocks for an investment that turns into thousands of dollars in a decade.

Have Money for Emergencies

According to, approximately 76 percent of Americans live paycheck to paycheck without sufficient emergency savings. Luckily, nonprofit debt management institutions like CreditGuard are here to help. They’ll help you lower your interest rates and will set you up on a budget you can afford, which will make it even easier for you to save. And because one of the most common reasons people fall in debt is due to unexpected emergencies, having money set aside will help cover you should the situation arise.

If you are planning on retiring in the not-so-distant future, saving a dollar a day is a good way to help you reach that goal.

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1 Comment

  • Great article! One thing also, putting in savings in an account you know you won’t be able to touch, such as putting it in another currency or having no ATM or debit cards.
    We tend to write down all of our expenses, that way we see what we’re spending on and figure out which ones are unnecessary and can be eliminated.

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