Can saving $10 a day really help you in your quest for financial independence?

This is a question I asked myself and decided to test. For the last month, I’ve retooled my budget to save an extra $10 per day.

This article shares the results as well as several key insights from my super savings experiment.

1. Making A Budget Forces You To Think About Money

Saving $10 per day makes you more conscious about your spending habits. Do you want to buy a fast food lunch, or use that money to hit your daily finance goal?

Are you going to watch Netflix, or find some extra side hustles to earn more money?

Saving $10 a day helped me re-evaluate my habits. I ate healthier (no more convenience store snacks), worked on my side income, and actively thought about my budget.

Try saving $10 a day for one month if you’re looking for a great way to get your personal finances in order

I highly recommend this exercise.

2. $10 Per Day Adds Up

There’s a great book called The Automatic Millionaire. I read it a few years ago, and it completely blew my mind.

Basically, The Automatic Millionaire claims that you can build up 7-figure wealth by simply saving and investing a small amount of money money each day. $10 or $20 put into the right index fund, and you’re retiring rich.

While I have a whole portfolio of stocks and bonds, I put my $10 daily deposits into a CIT high-interest savings account.

This is risk-free way of growing your money by 2.45% each year. It’s also a great tool for building your emergency fund or sitting in cash during volatile market conditions.

3. More Savings, More Freedom

Every dollar you save is another step closer to financial freedom. Likewise, the money you invest (or deposit into a high-yield bank account) is always working for you. It’s making more over itself and helping you get rich.

Capital let’s you better enjoy yourself too. If you get sick or something breaks, you can pay to solve the problem and never have to worry about how you’ll cover your bills. Likewise, you’re able to take more chances and capitalize off opportunities. Want to invest in a hot stock or start your own business? You can!

Money is a tool. And the more you have, the more problems you can fix.

Closing Thoughts

I urge you to start saving $10 every day. It’s going to change the way you think about money, help you better appreciate your financial freedom, and create a comfortable nest egg which brings you piece of mind.

Saving more is a great way to increase your wealth and provide yourself with a greater range of opportunities.

You can weather an unexpected expense, or use your money to take a chance that enriches your life. Or you can just relax, knowing you’re financially secure.

P.S. If you’re a complete savings rookie, I highly suggest opening a CIT high-interest savings account. These offer some of the best rates possible, and you’re FDIC insured. It’s one of the safest outlets for growing your wealth.