The key to savings success is automating savings by having it taken directly out of one's paycheck. That way saving becomes a habit. Small amounts do add up over time. Sign up for direct deposit and have money taken out automatically for deposits to available savings plans. Also, try to increase the amount of savings, especially when your military pay increases. In addition, target small "leaks" that add up over time and eliminate them or reduce their cost. For example, some people spend hundreds, even thousands, of dollars a year on vending machine snacks and/or lottery tickets.

You can save significant sums on any salary above poverty level...over time. The greatest gains will come 20 to 30 years into a savings program. It's like the "Millionaire" game show...you double the large sums of money at the end. You can use the Rule of 72 to estimate the time it will take to double a sum of money. Divide the anticipated interest rate into 72. For example, if you average a 6% annual return, it will take 12 years (72 ÷ 6 = 12) to double your present savings, not to mention all the new money you'll be saving during this time.

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