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Issue date:
May 29-31, 1998
Save your change -- it could grow to thousands of dollars
 ave more! That's the message of a series of initiatives aimed at getting you to waste less on frivolous consumption and stuff more into your IRAs and 401(k)s. This spring, Securities and Exchange Commission chairman Arthur Levitt led a Facts on Saving and Investing Campaign. The first-ever "National Pay Yourself Day," created by Fidelity Investments and supported by 300 corporations, was May 7. And President Clinton is joining in: This Thursday and Friday he has called the first national summit on saving for retirement. If Clinton is publicly worrying that you won't have enough socked away for retirement, it seems wise to listen up. Perhaps he knows more about the future of Social Security than he's saying. How to save more? One easy way is to curb your spending in several small ways. Here are a few suggestions (courtesy of Fidelity), and a look at how much you'd have 30 years from now if you invested the money at 9 percent. Exercising at home instead of joining a gym saves $300 a year. Value at retirement: $44,572.Having a cappuccino every other day instead of daily saves $7 a week. Value at retirement: $56,092.Renting a video once a month rather than going to the movies (and eating popcorn) saves $12 a month. Value at retirement: $22,134.Save $35 a month by collecting all your change. Value at retirement: $64,557.
Contributing Editor Jean Sherman Chatzky, a Money Magazine Editor, wrote The Rich and Famous Money Book. She is seen on NBC's Today Show and MSNBC.
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