Take the America Saves Week Compound Growth Challenge!

Take the America Saves Week Compound Growth Challenge!

At LearnVest, we never like to be Debbie Downers.

But, unfortunately, we're feeling a little blah about the state of the country's savings.

Fact: In the years following the financial crisis, we've been stashing away less than we used to. In 2010, 73% of people said they were spending less than they earned, and saving the difference. In 2014, that number fell to 68%.

But in honor of America Saves Week, we want to help you get back on track by inviting you to participate in a simple challenge—an exercise meant to show you that a little savings now can go a long way later.

Your Savings Challenge: The Compound Growth Road Test

Start by taking a look at how much you’re currently socking away each month toward a savings goal, whether that's an emergency fund or a retirement account.

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Now take that monthly amount and see how much more your savings would grow if you upped it by just $10, $50 and $100. You can tabulate those figures by plugging them into a compound interest calculator, like this one.

For the interest rate field, use the current interest rate your savings account offers, or the average annual return you've been seeing in your retirement account.

Next, play around with how many years you'll let your money grow. How does your total change 10, 20 and 30 years from now? The goal is to see just how substantial a difference it makes to squirrel away even a few extra dollars every month.

Once you've run the numbers, revisit your monthly budget to see where you can shave that $10, $50 or $100 to put toward savings. Is it one less online subscription? One fewer dinner out each week?

We hope your calculations will give you the motivational push you need to start plumping up those contributions today!

And if you're looking for more tips and tricks to hit your savings goal, check out these mental hacks for making saving feel awesome—year-round.

RELATED: 8 Foolproof Ways to Grow Your Savings

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