5 Savings Tips for Becoming a Millionaire Over Time

Saving is the number one way by which Americans become millionaires. While it does take time, you can accelerate your accumulation of wealth by exercising sound judgment and discipline.

Here are five savings tips that can be applied by anyone hoping to save a fortune.

1. Increase Automated Saving. Send a set amount from your paycheck to a separate account every pay period. Increase this amount by at least 1% of your paycheck annually.
2. Automate Investing. Add your monthly savings to your investment strategy so that it is automatically invested. 
3. Take Advantage of Tax Laws. Reduce your taxable income and take advantage of tax-deferred growth by maxing out your 401k and taking advantage of tax-exempt growth by using 529s to save for kids’ college.  
4. Take Advantage of “Subscribe and Save” for Household Basics. Automate the basics you need monthly, often resulting in 15% discounts, plus the added perk of avoiding trips to the store that spur extra spending.
5. 5. Minimize Excess Fees on Fees. Mutual funds, annuities, and whole life insurance policies are frequently laden with layers of hidden fees, draining your total return over time. Have these reviewed by a fiduciary advisor to make sure you know where your hard-earned savings are going.