Anyone Can Do It
You can do it with time and consistency. If you increase your contributions a little bit each year, your balance will grow even larger. When you receive a pay increase, I would recommend adding 1/2 of your increase.
What Is Important To You
Where can you find $16 each day? First, look at your big purchases; they can add up quickly. Your car payment, mortgage, and rent are the easiest areas to find a few extra dollars. Going out for lunch, getting a coffee in the morning, or getting a few drinks after work are other options. With the small expenses, you will need to find more of them to cut out.
The great thing is you get to choose what is important to you. Spend on the things you truly care about. Save on the things that you can live without. Make saving for your future important to you!
Investing Options
If your workplace has a 401k with a match, it gets even better. With a 100% match, all you need to do is contribute $8 a day. If they have a 50% match, you need to contribute 10.75 a day.
Since the yearly amount is under $6,000, you can also contribute to a Roth IRA. This is a great option if your company does not have a retirement plan. The amazing thing about a Roth IRA is that in 35 years, no taxes will need to be paid on the investment.
With a Roth IRA, you can withdraw any contributions made, leaving in the earnings. Obviously, you will not hit one million dollars. However, it will be available for you in an emergency if needed.
You can do this. It takes time, intentionality, and getting excited about saving for your future self.
Additional Reading:
How To Save Money When You Have None – Rinkydoo Finance