If wishes were horses,
Beggars would ride.

- old saying

Have you ever wished that you were rich and could buy anything you wanted?  That wish is just a wish for most people.  There is, however, a road to riches that is available to anyone willing to travel on it.

It's called savings.

Savings? You might think that turning wishes into reality by saving will take forever – but just a little attention to savings will help ensure that you have enough money for the things you need, as well as for the things you want.  Saving helps you feel rich and in control of your life.

Building up a strong savings account involves paying yourself first.  Whenever you receive money, you should always pay yourself first by putting away a percentage of the total amount of the money you received.  You determine the percentage you want to pay yourself based on what you think you can afford to save.  For example, if you receive a $20 birthday check and want to pay yourself 10% first, you would put $2 in your savings account.  If you receive a $100 paycheck and want to pay yourself 25%, you would put $25 in your savings account. 

One way to build your savings even more is a Certificate of Deposit (CD).  Every financial institution has different requirements and restrictions for a CD, mostly the minimum amount of money you can initially deposit.  Some CDs earn you more interest than your savings account, but you can’t take any money out during the CD time period.  At the end of the CD time period, you can choose to take the money (plus the interest you earned) and roll it over to another CD or put it back in your savings account.

Learn more about savings at Googolplex, the Student Guide for Moneymakers.